Newcomb v. Niskey's Lake Inc.

Atkinson, Presiding Justice.

Reference is to the first question propounded by the Court of Appeals. It is declared in the Code: “The legal rate of interest shall be seven per centum per annum, where the rate per 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 commission for…