William Strong

“ It is plain, therefore, that the contract is an Illinois contract, and that the rights and liabilities of the parties must be determined according to the law of that State. By its statutes persons may contract to receive ten per cent. interest upon any debt due them, whether it be verbal or written. If they stipulate for a higher rate they forfeit the interest, but the statute expressly allows the recovery of the principal. The contract is not declared to be void. Only so much of it is void as exacts the excessive interest. ”

“ The case would be quite different if the law of the State made void an instrument usuriously negotiated. There was, however, no usury. And where a note or a bill is not made void by statute, mere illegality in its consideration will not affect the rights of a bon a fide holder for value. [4] The plaintiff in this case was a bon a fide purchaser of the draft. ”

“ Goodnow, 3 Comstock, 271.↑ Gross's Statutes, 371-2.↑ Norris v. Langley, 19 New Hampshire, 423; Converse v. Foster, 32 Vermont, 320; Conkling v. Underhill, 3 Scammon, 388.↑ Sherman v. Black man, 24 Illinois, 347 ”