The Exchange Loan Co. v. Torrance [1904] ScotLR 41_303 (16 February 1904)

The Exchange Loan Co. v. Torrance [1904] ScotLR 41_303 (16 February 1904)

The court found the interest charged to be excessive and the transaction harsh and unconscionable under the Moneylenders Act 1900, and therefore reopened the transaction, limiting the sum recoverable to £12 as reasonable in the circumstances.

Citation
[1904] ScotLR 41_303
Parties
Pursuer: The Exchange Loan Company; Defender: Torrance
Jurisdiction
Scotland
Judgment Date
16 February 1904
Procedural Posture
Civil / Judgment at First Instance
Outcome
partially allowed
Legal Topics
Money Lending, Excessive Interest, Unconscionable Transaction, Moneylenders Act 1900
Contract Law Consumer Credit Money Lending Excessive Interest Unconscionable Transaction Moneylenders Act 1900

Case Brief

Summary, issues, holding and outcome

More case intelligence is available

Unlock the full research layer for this judgment.

Full judgment text Downloadable case file Legal principles 1 Authorities cited 1 Party arguments 2 Amounts and remedies 4
Sign in to unlock

Parties

The Exchange Loan Company

Pursuer

Torrance

Defender

Procedural Posture

Civil / Judgment at First Instance

Legal Issues

  1. 1 Whether the interest charged by the pursuers was excessive under the Moneylenders Act 1900
  2. 2 Whether the transaction was harsh and unconscionable
  3. 3 Whether the court should reopen the transaction and adjudge a reasonable sum due

Ratio Decidendi

The court found the interest charged to be excessive and the transaction harsh and unconscionable under the Moneylenders Act 1900, and therefore reopened the transaction, limiting the sum recoverable to £12 as reasonable in the circumstances.

Court Disposition

partially allowed

Orders

  • Defenders to pay pursuers £12 on delivery of the bill
  • Pursuers entitled to expenses up to 23 November 1903