190. Rate of interest.

190.     Rate of interest.

Where a right to interest is implied, interest was formerly allowed at the annual rate of 4 or 5 per cent1, but now would probably be allowed at a more realistic rate2; and in any event the court has general power to re-open extortionate credit agreements3. In other cases there is no restriction on the rate of interest which may be charged. Equity does not reform mortgage transactions merely because they are unreasonable4. If some other provision in the mortgage relating to the interest could be set aside as an unreasonable collateral advantage,