Taylor v. Merchants Mutual Credit Corp.

Nichols, Judge.

1. On the original trial it was stipulated, among other things: “That the interest was calculated by deducting in advance interest at the rate of 1 percent per month on the face amount of each loan note.” It was further stipulated that the plaintiff was a credit union duly licensed “under Code § 25-201 [§ 25-101?]” Code § 25-116 provides that a credit union may lend to its members at a reasonable rate of interest, which shall not exceed one percent a month, and Code (Ann.) § 57-116 provides: “Any person, natural or artificial, in this State, lending money to be paid back in…