In People ex rel. Emigrant Indus. Sav. Bank v. Sexton (284 NY 57), the Court held that the 1939 statute was prospective only in effect and did not delegate legislative power because "a limit merely is imposed. There can be no doubt that the fixing of the rate of interest, or a limitation of the rate, is legislative in character. This circumstance is, however, without significance. The statute mandates no particular rate. Courts have long exercised authority to determine in accordance with legal rules and principles whether or not interest should be directed to be paid and the rate thereof. This power is by this statute restricted in one particular only, a maximum is imposed."