Alaska Statutes 45.45.040 – Usurious rate as working forfeiture of entire interest
Terms Used In Alaska Statutes 45.45.040
- action: includes any matter or proceeding in a court, civil or criminal. See Alaska Statutes 01.10.060
- Contract: A legal written agreement that becomes binding when signed.
- Defendant: In a civil suit, the person complained against; in a criminal case, the person accused of the crime.
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
- person: includes a corporation, company, partnership, firm, association, organization, business trust, or society, as well as a natural person. See Alaska Statutes 01.10.060
- Plaintiff: The person who files the complaint in a civil lawsuit.
- property: includes real and personal property. See Alaska Statutes 01.10.060
If, in an action brought on a contract, the court determines that a rate of interest has been contracted for greater than is authorized by Alaska Stat. § 45.45.010 – 45.45.070, either directly or indirectly, in money, property, or other valuable thing, or that a gift or donation of money, property, or other valuable thing has been made or promised to be made to a lender or creditor, or to a person for the lender or creditor, directly or indirectly, by the borrower or debtor, or a person for the borrower or debtor, the design of which is to obtain for money so loaned, or for debts due or to become due, a rate of interest greater than that specified by Alaska Stat. § 45.45.010 – 45.45.070, the rate of interest is usurious and works a forfeiture of the entire interest on the debt. The court shall give judgment for the amount due, without interest, on the sum loaned or the debt contracted, against the defendant and in favor of the plaintiff and against the plaintiff for costs of action, whether the action is contested or not.