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Scottish Court of Session Decisions >>
Ramsay v Clapperton. [1734] Mor 16427 (3 December 1734)
URL: http://www.bailii.org/scot/cases/ScotCS/1734/Mor3716427-031.html Cite as:
[1734] Mor 16427
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In a proper wadset, which at the same time was abundantly lucrative, besides re-payment of the wadset sum of £.1200 Scots, it was stipulated that the reverser should not redeem till he also paid the annual-rent of £.100 Scots from the date of the contract; and the wadsetter was empowered to use requisition for these annual-rents, as well as for the wadset sum itself. In a declarator of redemption this clause was quarrelled as both usurious and penal; usurious, as tending to secure the creditor in more than the legal interest; penal, being contrived to bar-redemption. The wadsetter answered, That this clause did indeed make the wadset more lucrative, but it could not be usurious, as not falling under any of the acts anent usury, nor penal, being a part of the original transaction, and not stipulated as a failzie. The Lords repelled the objection.—See Appendix.
