Millsaps v. Hayes

1. An agreement executed after the maturity of a promissory note, by which the payee agrees with the maker to extend the time of payment in consideration of the maker’s promise to pay interest, either past due or to be earned in the future, at a rate less than the maker is under a legal obligation to pay, is void as lacking in consideration. Crawford v. Gaulden, 33 Ga. 173; Tatum v. Morgan, 108 Ga. 336 (33 S. E. 940).

2. A promissory note dated December 6, 1912, and maturing December 1, 1913, which provides for the payment of interest upon the principal sum at the rate of 8 per cent, per annum…