Court Opinion

ID: 9570761
Source: CourtListenerOpinion
Date Created: 2023-08-21 20:26:01.862584+00
Date Added: 2024-06-11T12:16:01.475561
License: Public Domain

*633Ingram, Justice,
concurring.
I concur in the judgment of the court in this case, but I think it needs to be emphasized that this judgment for the principal amount of the loan was a judgment on the note or loan contract itself. We have affirmed the judgment of the Court of Appeals which held the trial court erred in denying the defendant’s motion to set aside this judgment because the terms of the note violate the Industrial Loan Act. However, in my view, this does not preclude the lender from recovering in a separate assumpsit action the actual monies loaned to the borrower. See the concurring opinion filed in Ga. Investment Co. v. Norman, 231 Ga. 821, 827 (204 SE2d 740). For the reasons set forth therein, I believe the lender cannot recover on the note or loan contract because it is "null and void.” However, "[t]his leaves an implied obligation on the borrower to repay the actual money loaned to him.”