Sledd v. Pilot Life Insurance

1. Usury is the excess over the legal interest charged by a lender to a borrower for the use of the lender’s money. It is the reserving and taking or contracting to reserve and take, either directly or indirectly, by commission, discount, exchange, advances, or by any contract or contrivance whatever, a greater sum for the use of money than the lawful interest, the legal rate being 7 per cent., and it being usury, to charge more than 8 per cent., with certain exceptions not applicable here. Code of 1933, §§ 57-101, 102; Bank of Lumpkin v. Farmers State Bank, 161 Ga. 810 (132 S. E. 221);…