Logan v. Texas Building & Loan Ass'n
Court of Appeals of Texas
Appeal from Havarro. Tried below before Hon. Rueus Hardy. 1. The exercising of a discounting privilege by a private corporation created under the laws of this State is an act prohibited by the Constitution, and is therefore illegal and void. Const., art. 16, sec. 16; Anderson v. B. and L. Assn., 16 S. W. Rep., 298; Hunt v. Robinson, 1 Texas, 758; Persons v. Jones, 58 Am. Dec., 476; Davis v. Sitfcig, 65 Texas, 497; 2 Beach Priv.
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Appeal from Havarro. Tried below before Hon. Rueus Hardy. 1. The exercising of a discounting privilege by a private corporation created under the laws of this State is an act prohibited by the Constitution, and is therefore illegal and void. Const., art. 16, sec. 16; Anderson v. B. and L. Assn., 16 S. W. Rep., 298; Hunt v. Robinson, 1 Texas, 758; Persons v. Jones, 58 Am. Dec., 476; Davis v. Sitfcig, 65 Texas, 497; 2 Beach Priv. Corp., sees. 438, 439. 2. An act done which is positively prohibited by law is void; and a contract based on an act which is illegal because prohibited by statute can…
1Opinion of the Court
FINLEY, Associate Justice.
On August 12, 1891, the Texas Building and Loan Association, a private corporation, of Corsicana, Texas, filed its original petition in a suit against L. M. Logan, of Wilbarger County, for recovery on a note executed by him in the sum of $1800, dated August 21, 1889, payable to plaintiff or order, at Corsicana, Texas, in sixty successive monthly installments of $30 each; the first installment maturing September 21, 1889. The note further recited, that if any installment remains unpaid for ten days after maturity, then, at the option of the holder of the note, the…
2Cases cited4 opinions
- Eckford v. KnoxTexas Supreme Court · 1886
- City of Indianola v. Gulf, Western Texas & Pacific RailwayTexas Supreme Court · 1882
- Hawes v. FooteTexas Supreme Court · 1885
- Taylor v. HallTexas Supreme Court · 1857
3Cited by8 opinions
- Southern Casualty Co. v. MorganTexas Commission of Appeals · 1929
- Texas Loan Agency v. HunterCourt of Appeals of Texas · 1896
- Cooksey v. JordanCourt of Appeals of Texas · 1911
- Zurn v. MitchellCourt of Appeals of Texas · 1917
- Southern Casualty Co. v. MorganCourt of Appeals of Texas · 1927
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