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119 Ga. 174

Elder v. Elder

Supreme Court of Georgia

Decided December 10, 1903

Supreme Court of Georgia · decided 1903-12-10

Equitable petition. Before Judge Reagan. Fayette superior court. April 16, 1903. In 1883 Miss M. A. Elder lent $550 to her brother, C. C. Elder, and he executed a note under seal to her for that amount and for interest at the rate of ten per cent, per annum.

Relies on Atlas Tack Co. v. Macon Hardware Co.

Decided 1903-12-10

Turnes, J.

¶11. Although a note for the payment of money carries on its face interest at ten per cent, per annum, this fact will not render void an assignment of a bond for titles as collateral security for the payment of such note, the assignment having been made long after the note was given, and .there having been at the time of the execution of the note no agreement or understanding that such security should thereafter be given. Civil Code, § 2892. “ The execution and delivery of the assignment is not, under such circumstances, a part of the .usurious ” contract evidenced by the promissory note, “but an entirely new and independent transaction.” Atlas Tack Co. v. Macon Hardware Co., 101 Ga. 391:

¶22. The present case is controlled by the ruling above announced, and it was therefore error to direct a verdict in favor of the defendants in the court below. ‘ Judgment reversed.

All the Justices concur.J. W. Wise, Dorsey, Brewster & Howell, and Hugh M. Dorsey, for plaintiff. A. O. Blalock and J. F. Golightly, for defendants.
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