Ripple v. Mortgage & Acceptance Corp.

Interest is the compensation allowed by law, or fixed by the parties for the use, or forbearance, or detention of money. Black’s Law Dictionary.

The legal rate of interest in North Carolina is six per cent per annum for such time as, interest may accrue, and no more. C. S., 2305. An agreement by the parties for the payment of interest in excess of the legal rate, made in this State and to be performed therein, is unlawful; such an. agreement is in violation of the statute and is contrary to the public policy of this State, as declared by its General Assembly. No cause of action founded upon…