Parker v. Fulton Loan & Building Ass'n
Supreme Court of Georgia
Loan and Building Associations. Usury. Accord and satisfaction. Practice. Before Judge Hopkins. Fulton Superior Court. October Term, 1871. Andrew M. Parker brought assumpsit against the Fulton Loan and Building Association, a corporate body incorporated by an order of the Superior Court of Fulton county, th declaration containing substantially the following allegations: That said Association is indebted to plaintiff in the sum of $4,605 75 as principal debt, with interest on…
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Loan and Building Associations. Usury. Accord and satisfaction. Practice. Before Judge Hopkins. Fulton Superior Court. October Term, 1871. Andrew M. Parker brought assumpsit against the Fulton Loan and Building Association, a corporate body incorporated by an order of the Superior Court of Fulton county, th declaration containing substantially the following allegations: That said Association is indebted to plaintiff in the sum of $4,605 75 as principal debt, with interest on the same from March 8th, 1868, for so much money by the said plaintiff paid, laid out and expended to and for the use…
1Opinion of the Court
McCay, Judge.
Was this contract usurious upon its face? Was the Court, construing the papers as they were presented, without other testimony, wrong in saying that the contract was not usurious in form ? We think this contract on its face to be a mere sale by the plaintiff of his right to a share in the ultimate division of the accumulations. That is clearly the form of the contract. The plaintiff was the owner of stock or shares; they paid nothing, and were to pay nothing, until the accumulations amounted to a certain sum, when, as is the result of the provision for winding up, that sum was to…
2Cited by21 opinions
- Cook v. Equitable Building & Loan Ass'nSupreme Court of Georgia · 1898
- Meroney v. Atlanta Building & Loan Ass'nSupreme Court of North Carolina · 1895
- Leahy v. National Building & Loan Ass'nWisconsin Supreme Court · 1898
- Bexar Building & Loan Ass'n v. RobinsonTexas Supreme Court · 1890
- Reeve v. Ladies' Building Ass'nSupreme Court of Arkansas · 1892
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