National Bondholders Corp. v. Kelly

Hutcheson, Justice.

1. "The legal rate of interest shall be seven per centum per annum, where the rate pér centum is not named in the contract, and any higher rate must be specified in writing; but in no event shall any person, company, or corporation reserve, charge, or take for any loan or advance of money, or forbearance to enforce the collection- of any sum of money, any rate of interest greater than eight per centum per annum, either directly or indirectly by way of coinmission for advances, discount, exchange, or by any contract or contrivance or device whatever.” Code, § 57-101. The…