Simpson v. Kentucky Citizens Building & Loan Ass'n
Court of Appeals of Kentucky
Case 77 — PETITION EQUITY 1. The provisions of section 59, of the Constitution, prohibiting the General Assembly from passing local or special acts regulating the rate of interest, was intended as a prohibition against permitting any person or corporation from charging a higher rate of interest than other persons may charge; and whenever the language used in the Constitution is prohibitory it is understood to be a positive, unequivocal negation.
Read the full summary
Case 77 — PETITION EQUITY 1. The provisions of section 59, of the Constitution, prohibiting the General Assembly from passing local or special acts regulating the rate of interest, was intended as a prohibition against permitting any person or corporation from charging a higher rate of interest than other persons may charge; and whenever the language used in the Constitution is prohibitory it is understood to be a positive, unequivocal negation. Cooley on Constitutional Limitations, p. 72; Black on Interpretation of Laws, sec. 13. 2. The act in question is not a general act simply because it…
1Opinion of the Court
JUDGE HAZELRIGG
delivered tiie opinion, oe the court.
This case involves the validity of certain features of our building and loan law, and especially that feature which permits the associations to exact from a borrowing member monthly or weekly premiums in addition to the legal interest on the money borrowed.
The general corporation act of 1893 provides, under the heading of “Building and Loan Associations,” that: “Any number of persons, not less th.an nine, may associate for the purpose of forming a corporation to accumulate the savings of its members, pay into such corporations in fixed…
2Cases cited5 opinions
- Mills v. Salisbury Building & Loan Ass'nSupreme Court of North Carolina · 1876
- McLaughlin v. Citizens Building, Loan & Savings Ass'nIndiana Supreme Court · 1878
- Gordon v. Winchester Building & Accumulating Fund Ass'nCourt of Appeals of Kentucky · 1876
- Henderson Building & Loan Ass'n v. JohnsonCourt of Appeals of Kentucky · 1889
- Leathers v. Commercial InsuranceCourt of Appeals of Kentucky · 1867
3Cited by21 opinions
- Commonwealth v. Kentucky Jockey ClubCourt of Appeals of Kentucky (pre-1976) · 1931
- Owen County Burley Tobacco Society v. BrumbackCourt of Appeals of Kentucky · 1908
- Safety Building & Loan Co. v. EcklarCourt of Appeals of Kentucky · 1899
- City of Louisville v. KuntzCourt of Appeals of Kentucky · 1898
- Reddick v. United States Building & Loan Association's AssigneeCourt of Appeals of Kentucky · 1899
16 more not listed; retrieve them via the Exa API.