Industrial Loan & Investment Co. v. Adams County

These cases present appeals from assessments for taxation of debts due the appellant. Under section 3108, Code of 1930, “all notes and evidences of indebtedness bearing a. rate of interest not greater than six per cent, per annum, and all money loaned at a rate of interest not exceeding six per cent per annum” are exempt from taxation.

The appellant is a domestic corporation engaged in lending money to be repaid in installments. When making a loan for, to illustrate, one hundred dollars, it delivers to the borrower ninety-five dollars in cash,, and takes his note for one hundred dollars…