whom the decedent, grantor, or donor, from the time prior to the child's fifteenth birthday, and for 10 continuous years after adoption and prior to the transfer, stood in mutually acknowledged relation of a parent; also, all lawful lineal descendants. Real estate is not taxable to these exempt persons, but personal property, where that of the decedent, or donor, taken as a whole, exceeds $10,000, is taxable at 1 per cent. of its clear market value, however small may be the individual shares. Devises or bequests to the societies, corporations, and institutions now exempted by law from taxation, are exempt from this tax. A discount of 5 per cent. is allowed if paid within 6 months from accrual; if not paid within 18 months, 10 per cent. interest is charged, unless the delay be unavoidable, when it is 6 per cent.

North Carolina.-All personal property passing by will or by the intestate laws from one who dies possessed of the same, while a resident of this state, is subject to a tax graduated according to the degree of consanguinity of the person inheriting the property.

Ohio.-All the property within the jurisdiction of this state, and any interest therein, whether belonging to inhabitants of this state or not, which shall pass by will, or by deed, grant, sale, or gift, made or intended to take effect in possession or enjoyment after the death of the grantor, to any person in trust or otherwise, other than to and for the use of the father, mother, husband, wife, brother, sister, niece, nephew, lineal descendant, adopted child, or the lineal descendant of any adopted child, the wife or widow of a son, or the husband of a daughter of the decedent, shall be liable to a tax of 5 per cent. of its value above the sum of $200, 75 per cent. of such tax to be for the use of the state, and 25 per cent. for the use of the county, wherein the same is collected. Such taxes shall become due and payable immediately upon the death of the decedent, and remain a lien on said property until paid.

Oregon.-A tax of 1 per cent. is imposed on the appraised value of gifts, legacies, and inheritances; provided, that any estate which may be valued at a less sum than $10,000 shall not be subject to any such tax, and the tax is to be levied on the excess of $5,000 received by any person. When such inheritance, legacy, gift, or other interest shall pass to an uncle, aunt, niece, nephew, or any lineal descendant of the same, the tax shall be at the rate of 2 per cent. upon the appraised value thereof received by each person on the excess of $2,000 so received by each person. In all other cases, the tax shall be 3 per cent. on the appraised value on amounts over $500, and not exceeding $10,000; 4 per cent. on amounts over $10,000, and not exceeding $20,000; 5 per cent. on all amounts over $20,000 and not exceeding $50,000; and 6 per cent. on all amounts over $50,000. Every such tax is a lien on the property embraced in any inheritance, legacy, devise, bequest, or gift until paid.

Pennsylvania.-All estates situated within this state, whether the persons dying seized thereof be domiciled within or out of the state, and all such estates situated in another state, territory, or country, when the persons dying seized thereof shall have their domicil within this commonwealth, passing by will or under the intestate laws of this state, or any part of such estates, or interest therein, transferred by deed, grant, bargain, or sale, made or intended to take effect in possession or enjoyment after the death of the grantor or bargainor to any persons, or to bodies corporate or politic in trust or otherwise, other than to and for the use of father, mother, husband, wife, children, and lineal descendants born in lawful wedlock, or the wife or widow of the son of the person dying seized or possessed thereof, are subject to a tax of $5 on every $100 of the clear value of such estate. No estate which may be valued at a less sum than $250 is subject to this tax. Devices or bequests to executors in lieu of commission, when such devices or bequests exceed the fair compensation for said services, are subject to this tax. In case of device, descent, or bequest to collaterals to take effect after the preceding life estate in the same property, said tax is not payable until such persons come into actual possession of the said property. If said tax be paid within 3 months from the death of the decedent, a discount of 5 per cent. is allowed; if not paid within 1 year from said death, interest is charged at 12 per cent., except in case of unavoidable delay, and then only 6 per cent.

Tennessee.-There is a tax on property passing by will or succession to collaterals, the usual near relatives being excepted, at the rate of 5 per cent.; estates valued at less than $250 are exempt.

Vermont,-Inheritance taxes do not exist in this state.

Virginia.—The collateral inheritance tax law of this state formed a part of the annual "perfect" tax laws, beginning in 1844. It was continued until the session of 1855-6, when it was omitted. This omission was declared to effect its repeal. The law was reenacted in 1863, and again omitted until 1867. It was repealed in 1884, and has not been revived.

West Virginia.-There is a tax of 2 per cent. on collateral inheritances of $1,000 and over.

Wisconsin.- A tax has been imposed upon gifts and inheritances graduated from 1 to 5 per cent., according to the value of the gifts and inheritances, with an increased rate when the estates exceed $25,000 in value.

INTEREST

When a usurious rate of interest is contracted for, all the interest is forfeited, and the principal only may be recovered without costs, in Alabama, District of Columbia, Florida, Illinois, Iowa, Louisiana, Michigan, Mississippi, Missouri, Nebraska, New Jersey, New Mexico, North Carolina, North Dakota, Oklahoma, South Carolina, South Dakota, Texas, Virginia, Wisconsin, and Wyoming. The contract is void as to the excess only in Georgia, Indiana, Kansas, Kentucky, Maryland, New Hampshire, Ohio, Pennsylvania, Tennessee, Vermont, and West Virginia. In other states it is held that such a rate avoids the contract as to both principal and interest, as in Arkansas, Delaware, Indian Territory, Minnesota, New York, North Carolina, and Oregon. In Kansas, Nebraska, Ohio, and Virginia, all payments of interest above the rate allowed are to be considered as payments on the principal sum. In Tennessee, where any contract calls for a usurious rate of interest, it is void, but the party may sue upon the original consideration for the amount legally due. In Washington, in such a case, the plaintiff may recover only the principal less the amount of interest accruing thereon, at the rate contracted for; and, if such interest have been paid, judgment shall be for the principal less twice the amount of interest paid.

Generally, where there are usury laws, the interest which has been paid in excess of the rate allowed may be recovered back by the party so paying, as in Alabama, District of Columbia, Kentucky, Louisiana, Mississippi, New Jersey, New York, Pennsylvania, Vermont, and Virginia. In Alabama, District of Columbia, Kentucky, Louisiana, New York, and Virginia, such action must be begun within 1 year from such payment, and in Pennsylvania, within 6 months. In a few states, as Illinois and Washington, there can be no recovery of such excess voluntarily paid. In Florida, New Mexico, North Carolina, North Dakota, South Carolina, and Texas, the party paying any such excessive interest may recover twice the amount so paid, if the action be brought within 2 years, or 1 year in Florida, and 3 years in New Mexico. In New Hampshire and Wisconsin, such a party may recover three times the amount so paid, by action begun within 1 year. In Iowa, a usurious contract works a forfeiture of 10 per cent. per annum upon the principal, to the school fund of the county in which suit is brought; and in Missouri there is a similar forfeiture of 8 per cent. In Oregon, the principal and interest are forfeited absolutely, but judgment may be

cntered against the defendant for the principal sum with legal interest thereon, for the benefit of the common school fund.

The following table contains the legal rate of interest and the contract rate in various jurisdictions:

1 There are no usury laws.

2 Corporations are not allowed to plead usury.

3 On secured loans of less than $200, interest not exceeding 3 per cent. a month for not more than 3 months is allowed, and thereafter not exceeding 15 per cent. per

annum.

4 Interest on bonds issued by a corporation is limited to not exceeding 7 per cent. per annum. The practical effect of a law passed in 1888 limits the rate on loans for less than $1,000, contracted after May 22, 1888, to not exceeding 18 per cent. per annum. 5 On demand loans for over $5,000 secured by negotiable instruments or stock pledged as collateral, a bank or an individual banker may collect whatever rate the parties agree upon in writing.

6 Railroad and canal companies may borrow money at a greater rate of interest; and commission merchants and agents may contract with parties outside of this state for 7 per cent, interest.

7 Incorporated companies may borrow money at a higher rate.

8 Banks are restricted to 7 per cent.

9 The rate by agreement may be 7 per cent. where the security is realty, or 10 per cent. where the security is personalty,

JUDGMENTS

Alabama.-Judgments become a lien on the defendant's property as soon as filed in the probate court for registration, and such lien lives for 10 years. Execution on an unregistered judgment is not a lien on personal property unless an actual levy is made. Execution from a court of record, in the hands of the sheriff, is a lien on reality. When execution has been issued on a judgment within 1 year after its rendition, and has not been returned satisfied, another execution may be issued at any time within 10 years after the test of the last, without a revival of the judgment. If execution did not issue within 1 year after rendition of judgment, it can be revived only by scire facias; after a lapse of 20 years it cannot be revived. No judgment can be rendered against executors or administrators until 12 months after the grant of letters. The sale of the husband's real estate on legal process does not discharge the wife's dower.

Alaska. From the date of the docketing of a judgment, or the transcript thereof, such judgment is a lien upon all the real property of the defendant within the recording district or districts where the same is docketed, or which he may thereafter acquire therein, during the time an execution may issue thereon.

Arizona.-Judgments when entered in the abstract book of the clerk of the court are a lien on all the real estate of the defendant from date; and from one county they may be abstracted to another and become a lien therein. In the district court, judgments become dormant in 12 months if execution have not been issued; otherwise, in 5 years. Where a judgment has become dormant, it must be revived by scire facias or action before issuing execution.

Arkansas.-Judgments and decrees of the circuit, chancery, and supreme courts, and the United States courts, are liens on the lands of the defendant in the county where rendered, or in any county where a certified copy thereof is filed with the circuit clerk, for the period of 3 years. They may be revived on scire facias at any time, and continue for a like period, and, if the scire facias be issued before the lien expires, the revivor relates back to the original entry.

California.-From the time the judgment is docketed, it becomes a lien upon all the real property of the judgment debtor not exempt from execution in the county, owned by him at any time, or which he may afterwards acquire until the lien ceases. The lien continues for 5 years. A certified transcript of the judgment may be filed with the