Excessive and unconscionable interests are void for being contrary to morals, if not against the law.
G.R. No. 201001, 10 November 2014
Plaintiff Monark Equipment Corp. initiated a Complaint for a Sum of Money against Defendant MCMP Construction Corp. after the latter failed to pay rental fees for the use of five (5) pieces of heavy equipment as stated in their Rental Equipment Contract. In the agreement, interest and penalties were stated as follows: