Pennsylvania Act 1929-257 — PRIVATE LOANS, COMPROMISE

Act text

PRIVATE LOANS, COMPROMISE
                 Act of Apr. 18, 1929, P.L. 620, No. 257              Cl. 12
                                  AN ACT

     Authorizing and empowering parties to contracts, in which
        advances of money repayable on demand are made upon warehouse
        receipts, bills of lading, certificates of stocks,
        certificates of deposit, bills of exchange, bonds or other
        negotiable instruments, pledged as collateral security for
        such payment, to an amount not less than five thousand
        dollars, to receive or to contract to receive in writing and
        collect as compensation any sum to be agreed upon.

        Section 1.  Be it enacted, &c., That in any case hereafter,
     in which advances of money, repayable on demand, to an amount
     not less than five thousand dollars, are made upon warehouse
     receipts, bills of lading, certificates of stock, certificates
     of deposit, bills of exchange, bonds, or other negotiable
     instruments, pledged as collateral security for such repayment,
     it shall be lawful to receive, or to contract to receive, and
     collect as compensation for making such advances, any sum to be
     agreed upon in writing by the parties to such transaction.