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2019 District of Columbia Code
Title 28 - Commercial Instruments and Transactions. [Enacted title]
Chapter 33 - Interest and Usury.
§ 28–3305. Unlawful interest credited on principal debt.
Universal Citation: DC Code § 28–3305 (2019)
In an action upon a contract for the payment of money with interest at a rate forbidden by law, any payment of interest that may have been made on account of the contract is deemed to be payment made on account of the principal debt; and judgment shall be rendered for no more than the balance found due after deducting and properly crediting the interest so paid. A bona fide indorsee of negotiable paper purchased before due is not affected by any usury exacted by a former holder of the paper unless he had notice of the usury before his purchase.
(Aug. 30, 1964, 78 Stat. 676, Pub. L. 88-509, § 1.)
Prior Codifications1981 Ed., § 28-3305.
1973 Ed., § 28-3305.
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