Collins v. Citizens Bank & Trust Co.
Supreme Court of Georgia
Foreclosure of security deed. Before Judge Henry. Floyd superior court. February 2, 1904. In August, 1892, Collins made to the Citizens Bank and Trust Company, of Tennessee, a mortgage in trust for the purpose of securing a promissory note payable to the Atlas Savings and Loan Association, of Tennessee, chartered as a building and loan association under the laws of Tennessee.- In addition to the promise to pay the principal sum, this note also promised to pay certain amounts…
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Foreclosure of security deed. Before Judge Henry. Floyd superior court. February 2, 1904. In August, 1892, Collins made to the Citizens Bank and Trust Company, of Tennessee, a mortgage in trust for the purpose of securing a promissory note payable to the Atlas Savings and Loan Association, of Tennessee, chartered as a building and loan association under the laws of Tennessee.- In addition to the promise to pay the principal sum, this note also promised to pay certain amounts for each week for dues, interest, and premiums. The Trust Company instituted, in the superior court' of Floyd county,…
1Opinion of the CourtLamar, J.
(After stating the foregoing facts.) Had the loan been an advance of money between an ordinary lender and borrower, the evidence shows that the amount paid by the defendant would have satisfied the principal and interest thereof. But the defendant’s note promised to pay the debt, interest, dues, and premiums under a building and loan contract, the scheme of which was considered in Kirklin against this same Association, 107 Ga. 313, where a contract substantially like the one here involved was held not to be usurious. That question, however, is really not in the case, because the defendant…
2Cases cited4 opinions
- Pattison v. Albany Building & Loan Ass'nSupreme Court of Georgia · 1879
- Hawkins v. Americus National Building & Loan Ass'nSupreme Court of Georgia · 1895
- Tillman v. MortonSupreme Court of Georgia · 1880
- Kirklin v. Atlas Savings & Loan Ass'nSupreme Court of Georgia · 1899
3Cited by1 opinion
- Rogers v. McKinleyCourt of Appeals of Georgia · 1935