Cunningham Bros. Woolen Co. v. Atlanta National Building & Loan Ass'n
Mississippi Supreme Court
From the chancery court of Lafayette county. Hon. B. T. Kimbrough, Chancellor. Bill for injunction. Decree dissolving the injunction. Appeal by complainant. The opinion states the case. The appellee, although liable therefor, failed to pay the privilege tax required of foreign building and loan associations by the act of 1890 (Laws, p. 10), and, while so in default, entered into the contract evidenced by the Kershaw note and trust deed.
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From the chancery court of Lafayette county. Hon. B. T. Kimbrough, Chancellor. Bill for injunction. Decree dissolving the injunction. Appeal by complainant. The opinion states the case. The appellee, although liable therefor, failed to pay the privilege tax required of foreign building and loan associations by the act of 1890 (Laws, p. 10), and, while so in default, entered into the contract evidenced by the Kershaw note and trust deed. That contract is void under § 589, code 1880, and the appellant’s injunction restraining the sale under the trust should have been perpetuated. ' The theory…
1Opinion of the CourtWoods, J.
W. E. Kershaw and wife, in May, 1890, executed their deed in trust on the property described in the bill of complaint filed herein by appellees, to secure the payment of $1,500, at that time loaned them by the appellee. Subsequently, in January, 1891, Kershaw and wife executed a second deed in trust on the same property, to secure payment of an indebtedness of $1,800 due appellants, subject, however, as appears on the face of the instrument, to the deed in trust theretofore executed for the security of the appellee. Each of these trust deeds was promptly put on record in the proper office.
The…
2Cases cited2 opinions
- Peoples' Bank v. Alabama Great Southern RailroadMississippi Supreme Court · 1888
- Crum v. Carrington Shoe Co.Mississippi Supreme Court · 1894