American Security Co. v. Miller

S. P. Miller borrowed from American Security Company $200 to be repaid in installments of ten dollars per month, with interest at 3-1/2 per cent, per month. American Security Company was licensed to do business under the act of 1920 (Ga. Laws 1920, p. 215), which has reference to making small loans on personal property. The borrower repaid $100 of the amount, leaving $100 still due, also leaving $5.25 interest unpaid and due. The borrower then applied for renewal of the loan, and made a new loan of $200. From the proceeds there was deducted $100 for payment of the balance due on the former…