Gold Kist, Inc. v. McNair

Banke, Judge.

The plaintiff, Gold Kist, Inc., sued to recover sums allegedly due on an open account for supplies furnished to the defendant, who was in the hog raising business. The defendant’s answer raised the defense of usury and also asserted a counterclaim for the usurious charges allegedly paid. On cross motions for summary judgment, the trial court found that the plaintiff had charged usurious interest rates and ruled that all interest must consequently be forfeited pursuant to OCGA § 7-4-10 (former Code Ann. § 57-112). Since the amount of interest which had been charged exceeded the…