Usury is a personal defense; but a creditor may not collect usurious interest from an insolvent debtor to the prejudice of other creditors.
History. Civil Code 1895, § 2878; Civil Code 1910, § 3428; Code 1933, § 57-103.
History of Code section.
This Code section is derived from the decision in Burgwyn Bros., Tobacco Co. v. Bentley & Co., 90 Ga. 508 , 16 S.E. 216 (1892).
Law reviews.
For note discussing whether a holder in due course takes free of claims of violations of the usury laws, see 12 Ga. L. Rev. 814 (1978).
Structure Georgia Code
Chapter 4 - Interest and Usury
§ 7-4-4. Advertisement of Rates of Interest or Finance Charge
§ 7-4-8. Commission to Third Person Does Not Make Lawful Interest Usurious
§ 7-4-9. Back Interest May Be Stipulated in Contract and Recovered
§ 7-4-11. Usury Is Personal Defense; No Collection From Insolvent to Prejudice of Others
§ 7-4-12. Interest on Judgments
§ 7-4-12.1. Interest on Arrearage on Child Support; Settlement of Unreimbursed Public Assistance
§ 7-4-13. Law of Place of Contract Governs Interest Unless Otherwise Provided
§ 7-4-14. Interest Runs From Default Unless Otherwise Agreed; When Demand Necessary
§ 7-4-15. When Interest Runs on Liquidated Demands; Promissory Notes Payable on Demand
§ 7-4-16. When Interest Runs on Commercial Accounts; Maximum Interest Rate on Commercial Accounts
§ 7-4-17. Payment Applied First to Interest; No Interest on Unpaid Interest; Exceptions
§ 7-4-18. Criminal Penalty for Excessive Interest
§ 7-4-19. Civil Action to Enforce Chapter
§ 7-4-20. Election to Forgo Application of Federal Usury Laws