Baltimore Permanent Building & Land Society v. Taylor
Court of Appeals of Maryland
Appeal from the Circuit Court of Baltimore City. Ou the 3rd of October, 1867, the appellee applied to the appellant for a loan, on redemption of nine shares of its stock held by him for which he had subscribed, and the Society agreed to redeem or purchase from him at the sum of $2700 ; and in order to secure the payment of the face of said shares, to wit: $3600 (the value of each share being $400,) in weekly instalments of $11.16, together with weekly interest at the rate of…
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Appeal from the Circuit Court of Baltimore City. Ou the 3rd of October, 1867, the appellee applied to the appellant for a loan, on redemption of nine shares of its stock held by him for which he had subscribed, and the Society agreed to redeem or purchase from him at the sum of $2700 ; and in order to secure the payment of the face of said shares, to wit: $3600 (the value of each share being $400,) in weekly instalments of $11.16, together with weekly interest at the rate of six per cent, per annum for a period of ten years, the appellee on the 29th of October, 1867, executed to the Society a…
1Opinion of the Court
Miller,, J.,
delivered the opinion of the Court.
Hobartson s Case, 10 Md., 397, decides that mortgages to Building Associations, such as are contemplated and provided for by the Act of 1852, ch. 148, if executed in conformity to the provisions of that Act, are free from objection on the ground of usury. That was a general law authorizing the formation of such associations, and its provisions were embodied in the Code, Art. 26, secs. 30 to 39. This case does not require us to notice the changes in this law made by the general corporation Act of 1868, ch. 471. The appellant derives its existence…
2Cases cited2 opinions
- Robertson v. American Homestead Ass'nCourt of Appeals of Maryland · 1857
- Oak Cottage Building Ass'n, No. 2 v. EastmanCourt of Appeals of Maryland · 1869
3Cited by9 opinions
- Carozza v. Federal Finance & Credit Co.Court of Appeals of Maryland · 1925
- Williar v. Baltimore Butchers' Loan & Annuity Ass'nCourt of Appeals of Maryland · 1877
- Jackson v. CassidyTexas Supreme Court · 1887
- Magness v. Loyola Federal Savings & Loan Ass'nCourt of Appeals of Maryland · 1946
- Birmingham v. Maryland Land & Permanent Homestead Ass'nCourt of Appeals of Maryland · 1877
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