B. A. C. Corp. v. Darr

The question for decision is the right of a transferee of a note, executed under the Small Loan Act, Code 1932, Section 6721 et seq., to collect the monthly charge of 3 per cent for services and expenses provided therein, the transferee not being qualified to engage in the Small Loan business.

So much of the note as is involved in this proceeding is as follows:

“240.00 Chattanooga, Tennessee,

“January 13, 1937

“For value received, the undersigned jointly and severally promise to pay to Personal Finance Company of Chattanooga, at its office, Third Floor, 735' Market Street, Chattanooga, Tennessee,…