Armor v. Bank of Loudon
Mississippi Supreme Court
From tbe chancery court of Union county. IIoN. Henry L. Muldrow, Chancellor. Armor, the appellant, was complainant, and the Bank of London (Tennessee), the appellee, was defendant in the court below. From a decree in defendant’s favor the complainant appealed to the supreme court. In Hay,' 1898, Armor, the appellant, a citizen of Mississippi, subscribed for five shares of stock in the Atlas Savings & Loan Association, a corporation domiciled at Chattanooga, Tennessee.
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From tbe chancery court of Union county. IIoN. Henry L. Muldrow, Chancellor. Armor, the appellant, was complainant, and the Bank of London (Tennessee), the appellee, was defendant in the court below. From a decree in defendant’s favor the complainant appealed to the supreme court. In Hay,' 1898, Armor, the appellant, a citizen of Mississippi, subscribed for five shares of stock in the Atlas Savings & Loan Association, a corporation domiciled at Chattanooga, Tennessee. After paying- $3 per month for four months as stock dues, he borrowed from the association the sum of $500 in September, 1898.…
1Opinion of the CourtOox, J.
Under the contract by which appellant secured from the Atlas Savings & Loan Association the loan of $500 he was to pay monthly as premium the sum of $1.65, and as interest the sum of $2.50. The aggregate sum of $4.15 — which, under the decisions of this court, must be treated as interest — was less than the interest at ten per cent, the maximum legal rate, by so small an amount that the first monthly payment of $3, provided for as payment on stock, if credited on the loan, would raise the interest rate above ten per cent. It is averred in the bill *666that the subscription for stock, the…
2Cases cited4 opinions
- Union National Bank v. FraserMississippi Supreme Court · 1885
- Long v. McGregorMississippi Supreme Court · 1887
- Southern Home Building & Loan Ass'n v. TonyMississippi Supreme Court · 1901
- Inge v. Interstate Building & Loan Ass'nMississippi Supreme Court · 1901
3Cited by3 opinions
- Allen v. Grenada BankMississippi Supreme Court · 1929
- Bank of Loudon v. ArmorMississippi Supreme Court · 1907
- State v. Tuscaloosa Building & Loan Ass'nSupreme Court of Alabama · 1935