Howells v. Pacific States Savings, Loan, & Building Co.
Utah Supreme Court
Appeal from the Third District Court, Salt Lake County, Hon. Ogden Hiles, Judge. Action to have a certain contract with a building and loan association declared unconscionable; that the loan from said company be declared a simple loan, and that the mortgage securing the same be declared fully paid and canceled. From a judgment for plaintiff, defendant appealed. The rules of law applicable to such transactions are so familiar that we need not enlarge upon them.
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Appeal from the Third District Court, Salt Lake County, Hon. Ogden Hiles, Judge. Action to have a certain contract with a building and loan association declared unconscionable; that the loan from said company be declared a simple loan, and that the mortgage securing the same be declared fully paid and canceled. From a judgment for plaintiff, defendant appealed. The rules of law applicable to such transactions are so familiar that we need not enlarge upon them. We cite one authority, 22 Am. & Eng. Ency. of Law, 488-491. The principles of the doctrine of estoppel in pais clearly apply. These…
1Opinion of the CourtBaskin, J.
The appellant claims that the transaction in question is not a naked loan by one stranger to another, but in substance is a dealing in relation to partnership funds, in which the respondent, and the other subscribers to the stock of the company, have a common interest in the concern.
Among the by-laws of the company, introduced in evidence, are the following sections of Article 2:
“ Section 1. The shares of stock in this company shall be of four classes; namely, classes A, C, and D of ordinary installment shares, and class B of fully paid-up shares.
Sec. 2. The shares of class A shall be payable…
2Cases cited2 opinions
- Sawtelle v. North American Savings, Loan & Building Co.Utah Supreme Court · 1897
- People's Building, Loan & Savings Ass'n v. FowbleUtah Supreme Court · 1898
3Cited by11 opinions
- Anderson v. MichelIdaho Supreme Court · 1965
- Cole v. ParkerUtah Supreme Court · 1956
- Pacific States Savings, Loan & Bldg. Co. v. GreenCourt of Appeals for the Ninth Circuit · 1903
- Snyder v. Fidelity Savings Ass'nUtah Supreme Court · 1901
- Western Loan & Savings Co. v. GarffUtah Supreme Court · 1904
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