Independent Lumber Co. v. Gulf State Bank

On a series of loans to the lumber company and to T. E. Johnson — its predecessor in the business, as well as its assignor of any resulting claim in him as for usury — the bank collected a 16 per cent, per annum return on the sums loaned, aggregating upon them all $3,778.63. The suit by the lumber company was to recover double that amount, on the claim that it was usurious, pursuant to R. S. arts. 5071 and 5073.

The bank, in defense, relied on the averment that, of the 16 per cent, collected, only 8 per cent, was charged for the use of the money; the other 8 per cent, being for inspection and…