Van Pelt v. Home Building & Loan Ass'n
Supreme Court of Georgia
Loan and Building Associations. Pleadings. Interest and Usury. Corporations. Charters. Before Judge Marshall J. Clarke. Fulton Superior Court.
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Loan and Building Associations. Pleadings. Interest and Usury. Corporations. Charters. Before Judge Marshall J. Clarke. Fulton Superior Court. March Term, 1887. The plaintiff, a corporation, sued Yan Pelt for $1,481.95, alleging as follows: On August 24, 1883, being a member of the association, in consideration of an advance made by .it to him on fifteen shares of its stock owned by him, he executed his bond for $3,000, conditioned that he should .pay to the association, so long as it should exist, or as might be required by its laws, $15 per month as the instalment due on his stock, and $15…
1Opinion of the Court
Blandford, Justice.
The Home Building and Loan Association brought an action against Van Pelt, to recover what they alleged was due them upon a certain bond given by Van Pelt to the association, conditioned that Van Pelt should pay certain premiums and certain interest. Van Pelt tiled several pleas, in which he substantially alleged that the scheme by which he borrowed the money was a scheme to avoid the usury laws of this State; and he claimed in these pleas that the contract was usurious. The pleas were demurred to by the association. The court overruled the demurrer. ITe further pleaded…
2Cases cited2 opinions
- Parker v. Fulton Loan & Building Ass'nSupreme Court of Georgia · 1872
- Redwine v. Gate City Loan & Building Ass'nSupreme Court of Georgia · 1875
3Cited by5 opinions
- Cook v. Equitable Building & Loan Ass'nSupreme Court of Georgia · 1898
- Swofford v. First National Building & Loan Ass'nSupreme Court of Georgia · 1937
- Rogers v. Toccoa Electric Power Co.Supreme Court of Georgia · 1927
- Home Building & Loan Ass'n v. Van PeltSupreme Court of Georgia · 1894
- Rogers v. Toccoa Electric Power Co.Supreme Court of Georgia · 1927