Official Code of Georgia Annotated

Title 7. BANKING AND FINANCE · Chapter 4. INTEREST AND USURY · Article 1. IN GENERAL

7-4-11. Usury is personal defense; no collection from insolvent to prejudice of others.

Active

Current through: Including Acts of the 2025 Regular Session of the General Assembly.

Usury is a personal defense; provided, however, that a creditor may not collect usurious interest from an insolvent debtor to the prejudice of other creditors.

The notes below are printed with the section but are not enacted law (O.C.G.A. § 1-1-1(c)). They are shown apart from the text.

History

Civil Code 1895, § 2878; Civil Code 1910, § 3428; Code 1933, § 57-103; Ga. L. 2024, p. 1052, § 1(a)(38)/SB 448, effective July 1, 2024.

Amendments

The 2024 amendment, effective July 1, 2024, part of an Act to revise, modernize, and correct the Code, substituted “provided, however, that” for “but” in this Code section.

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).

Other notes

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).

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Current through: Including Acts of the 2025 Regular Session of the General Assembly.

Text read from t7-t8-(v5)-2024-pdf.pdf, Volume V5, 2024 edition, page 732; merge action: carried; file SHA-256 5c69f28428d8.