127 Ga. 371 | Ga. | 1907
(After stating the facts.)
This court has given full recognition to the doctrine that it is lawful and not usurious to charge one price for property sold for cash, and a higher price for the same property if sold on credit. It has also steadily maintained the principle that if the contract is for the sale of property at a cash valuation, and certain payments are to be deferred in consideration that a greater rate of interest than that allowed by law .is to be paid by the purchaser, the contract would be usurious. See Rushing v. Worsham, 102 Ga. 825, and eases there cited. It must be observed that in the case at bar one of the parties to the contract of sale testified positively that the amount added to the deferred payment was for interest at the rate of 12 1/2 % per annum. And in this he is corroborated by the. •exact figures representing the amount of said payments, 'and to some extent by the testimony of the plaintiff himself, who admits that there was nothing said about “cash or time price.” And he did not contradict the statement of the defendant .that it was explicitly agreed that the amount added as aforesaid to the remainder
Judgment reversed.