Mississippi Building & Loan Ass'n v. McElveen
Mississippi Supreme Court
Appeal from the chancery court of Hinds county. Hon. G-. Gr. Lyell, Chancellor. Suit by W. J. McElveen and others against the Mississippi Building & Loan Association. Decree for plaintiff and defendant appeals. The facts are as follows: This was a bill in, chancery, filed, by the appellees, for the recovery of an amount alleged to have been usurious interest, and paid under protest to the appellant Building & Loan Association.
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Appeal from the chancery court of Hinds county. Hon. G-. Gr. Lyell, Chancellor. Suit by W. J. McElveen and others against the Mississippi Building & Loan Association. Decree for plaintiff and defendant appeals. The facts are as follows: This was a bill in, chancery, filed, by the appellees, for the recovery of an amount alleged to have been usurious interest, and paid under protest to the appellant Building & Loan Association. The Mississippi Building & Loan Association was a mutual incorporated building and loan association. There were two classes of stockholders, one known as borrowers, and…
1Opinion of the Court
Whiteield, C.
If it be conceded, and we do not think it is true, that, appellant’s charter conferred upon it by express terms the right to charge more than ten per cent, per annum, it nevertheless remains true that the state, under the-Constitution (section 178), had the power to alter, amend, or repeal that charter.
The contention that the public has no concern or interest in the appellant association is not tenable. The public interest is involved- in every usury law. Wliether or not it is for the public interest that a corporation’s charter should be amended under section 178 of the…
2Cases cited2 opinions
- Natchez Building & Loan Ass'n v. ShieldsMississippi Supreme Court · 1893
- Home Mutual Building & Loan Ass'n v. LeonardMississippi Supreme Court · 1899
3Cited by3 opinions
- Pyle v. GentryMississippi Supreme Court · 1921
- Bank of Indianola v. MillerMississippi Supreme Court · 1927
- Quitman County v. TurnerMississippi Supreme Court · 1944