Farmers' Savings & Building & Loan Ass'n v. Ferguson
Supreme Court of Arkansas
Appeal from Hempstead Chancery Court. Joel D. Conway, Judge. Action by the Farmers’ Savings & Building & Loan Association against M. L. Ferguson and another. The contract is not usurious.
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Appeal from Hempstead Chancery Court. Joel D. Conway, Judge. Action by the Farmers’ Savings & Building & Loan Association against M. L. Ferguson and another. The contract is not usurious. Usury must be established I y clear proof. 48 S. W: 903; 57 Ark 251; 30 S. E.- 463. Where the building association is a mutual one, and the stockholders participate in profits, the contract is not usurious. 26 la. 527; 20 S. E. 154; 29 S. E. 197; 2 McA. 594; 20 S. W.' 386; 70 Miss. 94; 62 H. W. 544; 22 S. E. 585; 31 S. W. 1098; 23 S. W. 629; 22 S. E. 711; 30 Atl. 872; 15 S. W. 793; Fed. Cas. Ho. 7406. The…
1Opinion of the Court
Bunn, C. ¿T.
This is a bill to foreclose a mortgage on appel-lees’ lands. The answer of the defendants sets up the defense of usury against the note sued on. Decree for defendants, and the plaintiff association appealed.
The obligation sued on is as follows, to-wit:
“$800. Nashville, Tenn., November 9, 1895.
“Due the Farmers’ Savings and Building and Loan Association, at its home office at Nashville, Tennessee, eight hundred dollars, with interest at the rate of 6 per cent, per annum payable on the 10th clays of November and May. This obligation is -for money advanced me on 12 shares of stock of…
2Cases cited1 opinion
- Reeve v. Ladies' Building Ass'nSupreme Court of Arkansas · 1892
3Cited by6 opinions
- O'BRIEN v. Atlas Finance Co.Supreme Court of Arkansas · 1954
- Simpson v. Smith Savings SocietySupreme Court of Arkansas · 1929
- Hollan v. American Bank of Commerce & Trust Co.Supreme Court of Arkansas · 1923
- Hickingbotham v. Industrial Finance Corp.Supreme Court of Arkansas · 1936
- Hough v. MaupinSupreme Court of Arkansas · 1905
1 more not listed; retrieve them via the Exa API.