Coble v. . Shoffner

The action is on a bond wherein eight per cent is named as the rate of interest, but is not expressed to be given for the loan of money as the consideration of the bond. We are to assume, therefore, that the bond was not executed for money loaned. The question is, does the penalty prescribed in Laws 1866, Battle's Revisal, chap. 114, apply to this case? That act provides:

1. That the legal rate of interest upon all sums of money (43) where interest is allowed, shall be six per cent per annum for such time as interest may accrue.

2. That for the loan of money, but upon no other account, interest…