Rogers v. Rivers

Smitjí, C. J.

(dissenting).

I am of the opinion, in which Judges Cook and Sykes concur, that the interest here sought to be collected is not usurious. The opinion in chief rests on two grounds: First, that section 2678, Code of 1906 (section 2075, Hemingway’s Code) “contemplates annual rests and payment of interest at each rest;” and, second, that the payment of accrued interest at any time before an annual rest period is equivalent to the payment of interest in advance. Neither of these grounds, in my judgment, is tenable.

The statute provides that — ‘ ‘ The legal rate of interest on all notes,…