Blazer Financial Services, Inc. v. Dukes

Webb, Judge.

This is an appeal from a finding that a loan contract was made in contravention of the Industrial Loan Act (Code Ann. § 25-301 et seq.) by providing for the acceleration of unearned interest, and was thus void and unenforceable. The provision in question recites that "A default in the making of any payment or part thereof shall render at the option of the Creditor, the entire unpaid balance due and payable...” (Emphasis supplied.)

We find this language to be consistent and synonymous with acceleration clauses construed by this court and the Supreme Court to include unearned…