2020 Georgia Code
Title 7 - Banking and Finance
Chapter 4 - Interest and Usury
Article 1 - In General
§ 7-4-9. Back Interest May Be Stipulated in Contract and Recovered
Interest from date, if the debt is not punctually paid at maturity, may be recovered when so stipulated in the contract, provided interest has not already been included in the principal amount.
(Orig. Code 1863, § 2025; Code 1868, § 2026; Code 1873, § 2052; Code 1882, § 2052; Civil Code 1895, § 2879; Civil Code 1910, § 3429; Code 1933, § 57-105.)
Law reviews.- For article on Georgia's usury laws and interest on interest, see 8 Ga. St. U.L. Rev. 291 (1992).
JUDICIAL DECISIONS
Interest on past due interest.
- There is no inhibition against charging interest on interest which is past due. Hardy v. G.A.C. Fin. Corp., 131 Ga. App. 282, 205 S.E.2d 526, aff'd, 232 Ga. 632, 208 S.E.2d 453 (1974).
Interest obligation note is liquidated demand bearing interest upon maturity.
- When obligation to pay interest is put in form of an interest note, that note becomes a liquidated demand; and when it is not paid at maturity it bears interest as such, certainly if parties have contracted that it should. Hardy v. G.A.C. Fin. Corp., 131 Ga. App. 282, 205 S.E.2d 526, aff'd, 232 Ga. 632, 208 S.E.2d 453 (1974).
Cited in Taylor v. Thomas, 61 Ga. 472 (1878); Union Sav. Bank & Trust Co. v. Dottenheim, 107 Ga. 606, 34 S.E. 217 (1899); Haire v. Allied Fin. Co., 99 Ga. App. 649, 109 S.E.2d 291 (1959); Fried v. Morris & Eckels Co., 118 Ga. App. 595, 164 S.E.2d 732 (1968); Lewis v. Termplan, Inc., 124 Ga. App. 507, 184 S.E.2d 473 (1971).
RESEARCH REFERENCES
Am. Jur. 2d.
- 44B Am. Jur. 2d, Interest and Usury, § 262..
C.J.S.- 47 C.J.S., Interest and Usury; Consumer Credit, § 134 et seq.
ALR.
- Rate of interest after maturity on contracts fixing rate "until payment", 6 A.L.R. 1196.
Right to have usurious payments made on previous obligation applied as payment of principal on renewal, 13 A.L.R. 1244.
Interest on certificate of deposit after maturity, 15 A.L.R. 650.
Right to interest on overdue instalments of interest, in absence of provision therefor, 27 A.L.R. 81.
Right of partners inter se in respect of interest, 66 A.L.R. 3.
Construction of contractual provisions as to interest as regards time from which interest is to be computed, 69 A.L.R. 958.
Payment of or offer to pay principal and legal interest as condition of relief in equity against usurious contract, 70 A.L.R. 693; 135 A.L.R. 808; 166 A.L.R. 458.
Who other than borrower may avail himself to latter's right to recover back usurious payments or penalties therefor, 82 A.L.R. 1008; 134 A.L.R. 1335.
Income tax in respect of amount collected on a debt which had been deducted as a bad debt in the return for a previous year, 143 A.L.R. 338.
Right of holder of commercial paper to interest or finance charges applicable to period after acceleration of maturity of obligation because of debtor's default, 63 A.L.R.3d 10.
Contingency as to borrower's receipt of money or other property from which loan is to be repaid as rendering loan usurious, 92 A.L.R.3d 623.
