Savage v. Evanston Savings & Loan Ass'n
Illinois Supreme Court
Appeal from the Appellate Court for the Second District;—heard in that court on appeal from the Circuit Court of DuPage county; the Hon. Charles A. Bishop, Judge, presiding. This is a bill to foreclose a mortgage, given to secure a $10,000 loan, to the Evanston Savings and Loan Association.
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Appeal from the Appellate Court for the Second District;—heard in that court on appeal from the Circuit Court of DuPage county; the Hon. Charles A. Bishop, Judge, presiding. This is a bill to foreclose a mortgage, given to secure a $10,000 loan, to the Evanston Savings and Loan Association. It appears from the record that on the ioth day of January, 1896, Henry G. Savage borrowed $10,000 from the association, the same being evidenced by his bond of that date and secured by an assignment of one hundred shares of the stock of said association and by a mortgage on. certain real estate in DuPage…
1Per curiam
It is contended that under the conditions of the bond the interest paid at the close of the first month would be at the rate of seven per cent per annum,’ But there being then $50 paid on the principal, the payment of $58.33 at the close of the second month would be at a rate higher than seven per cent upon the principal remaining unpaid, and the rate would continually increase until the principal was finally paid in full. Viewed from this standpoint, we regard it as settled law that such a transaction is not protected from the taint of usury by the statute relating to building and loan…
2Cases cited5 opinions
- Borrowers' & Investors' Building Ass'n v. EklundIllinois Supreme Court · 1901
- Home Building & Loan Ass'n v. McKayIllinois Supreme Court · 1905
- Ruppel v. Missouri Guarantee, Savings & Building Ass'nSupreme Court of Missouri · 1900
- Farmers Saving's & Building & Loan Ass'n v. Kent & SabotkaSupreme Court of Alabama · 1901
- State v. Phoenix Loan Ass'nMissouri Court of Appeals · 1900
3Cited by1 opinion
- Collings v. Industrial Savings SocietySupreme Court of Oklahoma · 1923