Padgett v. Jones

1. As provided in the act approved August 18, 1916 (Ga. L. 1916, p. 48), no penalty or forfeiture attaches to a lender because of an usurious contract, other than the forfeiture of the entire interest charged or taken.

*245Decided August 20, 1925. C. L. Cowart, for plaintiffs in error. P. M. Anderson, H. B. Kimbrough, contra.

2. It follows that the transferee of a promissory note, who has taken it as collateral security for an usurious loan made by him to the transferor since the above-cited act of 1916, will not, by reason of the usurious contract, be deprived of his status as a bona fide holder.

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