National Mutual Building & Loan Ass'n of New York v. Pinkston
Mississippi Supreme Court
From tbe chancery court of Lauderdale county. Hon. N. C. Hill’ Chancellor. The appellees were complainants and the appellant defendant in the court below. The appellant was a building and loan association domiciled in the state of New York, and was lending money to its shareholders.
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From tbe chancery court of Lauderdale county. Hon. N. C. Hill’ Chancellor. The appellees were complainants and the appellant defendant in the court below. The appellant was a building and loan association domiciled in the state of New York, and was lending money to its shareholders. It had no local boards or branch offices in Mississippi, but held all its funds and transacted its business at its office in New York; but it had a special agent with limited powers at Meridian, Miss., who was authorized to receive money from members of the association at Meridian, for their convenience, and to…
1Opinion of the Court
Whitfield, O. J.,
delivered the opinion of the court.
This case is controlled by the case of Shannon v. Association, 78 Miss., 955 (30 So. Rep., 51). The contention that the act *478of 1886 (Laws, p. 35) applies to foreign building and loan associations is not maintainable. That act is as follows:
“An act to regulate the rate of interest in this State.
“SectioN 1. Be it enacted by the legislature of the state of Mississippi, that hereafter no person, bank, corporation or association of persons, except building and loan associations, shall demand or stipulate for a greater rate of interest than 10 per…
2Cases cited4 opinions
- Matter of Estate of PrimeNew York Court of Appeals · 1893
- Vanderpoel v. . GormanNew York Court of Appeals · 1894
- Falls v. United States Savings, Loan & Building Co.Supreme Court of Alabama · 1892
- Shannon v. Georgia State Building & Loan Ass'nMississippi Supreme Court · 1901
3Cited by2 opinions
- Griggs v. ThulemeyerWyoming Supreme Court · 1929
- National Mutual Building & Loan Ass'n v. BrahanMississippi Supreme Court · 1902