Price v. Empire Loan Ass'n
Missouri Court of Appeals
Appeal from the Jasper Circuit Court. — Hon. J. D. Perkins, Judge. (1) The burden of proving that the association violated the law of its existence, in making the loan to plaintiff, rested upon him. He was required to prove that there was no competition for preference, in this particular loan. Davis v. Bowling, 19 Mo. 651; Morawetz on Corp., sec. 479, and note; Sergeant v. Webster, 13 Met. 497; McDaniels v. Mfg.
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Appeal from the Jasper Circuit Court. — Hon. J. D. Perkins, Judge. (1) The burden of proving that the association violated the law of its existence, in making the loan to plaintiff, rested upon him. He was required to prove that there was no competition for preference, in this particular loan. Davis v. Bowling, 19 Mo. 651; Morawetz on Corp., sec. 479, and note; Sergeant v. Webster, 13 Met. 497; McDaniels v. Mfg. Co., 22 Vt. 274; 1 Wharton on Ev., sec. 257; Cutler v. Wright, 22 N. Y. 472. Proof that there was no competition in other loans was not sufficient. Endlich on Law of Building Ass’ns,…
1Opinion of the Court
Gill, J. —
statement. In February, 1893, the defendant, a building and loan association, organized under our statute, loaned to plaintiff the sum of $1,300 which was the face value of the association’s stock at that time taken and held by the plaintiff. The loan was secured by deed of trust on certain land and by pledge of the stock. By the terms of the obligation entered into at the time plaintiff agreed to pay monthly as follows: $6.50 dues on stock, $7.80 as interest and $5.20 as premium. These items were paid by plaintiff from time to time, monthly as required, until some time in the year…
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