ASHARFI DEVI Vs. RATAN SINGH

JUDGEMENT

(1.) :-

(2.) THE second appeal raises an interesting question as to the interpretation of the first proviso to clause (b) of sub section (2) of Section 3 of the Usurious Loans Act, 1918 hereinafter referred to as 'the Act'. It would be relevant to mention that the proviso aforesaid has been added to the principal Act by U. P. Act 23 of 1934.

(3.) THE suit was contested by the defendant appellant on a number of grounds. In this second appeal, we are only concerned with the question whether the interest agreed upon between the parties to the mortgage was unconscionable and excessive and was liable to be reduced under Section 3 of the Act, as amended in this State. THE question has been answered against the defendants appellant by the two courts below and has been canvassed once again at the bar.