Legal Question in Business Law in Liberia

Hi. If a money lender, in his extension of a loan to a borrower, charges an interest rate that is higher than the country's usury law rate, and the borrower defaults in repayment of the loan and is sued by the lender for default of payment, what would the ruling of the court be in view of the fact that the lender contravene the usury law and borrower defaulted in his repayment of the loan? Please advise. Thanks

Asked on 5/23/16, 5:45 am

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23.05.2016

Dear Sir / Madam,

In all likelihood, the Court might order that the defaulter repay the loan with the maximum permissible interest rate for the tenure of the default.

Regards,

Answered on 5/23/16, 6:26 am

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