Hammerquist v. Pioneer Savings & Loan Co.
South Dakota Supreme Court
Appeal from circuit court, Pennington county Hon. Levi McGee, Judge. Action by Peter A. Hammerquist and another against the Pioneer Savings & Loan Company to recover certain usurious interest and damages, together with statutory penalty, for refusal to enter satisfaction of a mortgage. From a judgment in favor of plaintiffs and an order denying its application for a new trial, defendant appeals.
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Appeal from circuit court, Pennington county Hon. Levi McGee, Judge. Action by Peter A. Hammerquist and another against the Pioneer Savings & Loan Company to recover certain usurious interest and damages, together with statutory penalty, for refusal to enter satisfaction of a mortgage. From a judgment in favor of plaintiffs and an order denying its application for a new trial, defendant appeals. The payment of dues upon his stock by a member of a building and loan association are not ipso facto payments on his loan and such payments do not reduce it pro tentó but the amount upon which…
1Opinion of the CourtHanEy, J.
The defendant is a building and loan association, formerly named the “National Building, Loan and Protective Union,” existing under the laws of Minnesota, with its principal place of business at Minneapolis. On December 1, 1890, the plaintiffs, *72who held 13 shares of defendant’s capital stock, each of the par value of $100, borrowed of defendant $1,000, giving their note or obligation, due 76 months after date, secured by a mortgage upon real property in this state, and an assignment of their stock. Claiming to have paid their loan in full, and certain sums of usurious interest, the.…
2Cases cited1 opinion
- Pioneer Savings & Loan Ass'n v. WilkinsSouth Dakota Supreme Court · 1901
3Cited by3 opinions
- Field v. Eastern Building & Loan Ass'nSupreme Court of Iowa · 1902
- Allen v. Northwestern Manufacturing Co.Supreme Court of Iowa · 1920
- Fisher v. Intermountain Building & Loan Ass'nIdaho Supreme Court · 1935