City Loan & Building Ass'n of Augusta v. Goodrich
Supreme Court of Georgia
Injunction. Building and Loan Association. Equity. Usury. Before William H. Hull, Esq., Judge, pro hac vice. Richmond county. At Chambers.
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Injunction. Building and Loan Association. Equity. Usury. Before William H. Hull, Esq., Judge, pro hac vice. Richmond county. At Chambers. August 10th, 1872. William H. Goodrich filed his bill against the City.Loan and Building Association of Augusta, making substantially the’ following case: The defendant was organized under its ’"constitution as a building and loan association in June, 1866, an order of incorporation having been obtained at the preceding April term of Richmond Superior Court. The constitution and by-laws being similar to those of other such institutions and being lengthy,…
1Opinion of the Court
McCay, Judge.
1. We see no reason to change the opinion we expressed at the last term in the case of Parker vs. The Fulton County Loan and Building Association, and only now add that it is'pushing the usury laws very far to attempt by them to limit the right of parties going into a partnership or corporation to contract on what terms the partners shall use the common funds.
2. But however clear it may be that these contracts as made, are not usurious, it does not at all follow that this injunction was not properly granted. As charged by the bill and admitted by the answer, it was and is the…
2Cited by7 opinions
- Marion Trust Co. v. Trustees of Edwards LodgeIndiana Supreme Court · 1899
- People's Building & Loan Ass'n v. McPhilamyMississippi Supreme Court · 1902
- Sullivan v. StuckyU.S. Circuit Court for the District of Indiana · 1898
- Smith v. Bath Loan & Building Ass'nSupreme Judicial Court of Maine · 1927
- Flinn v. Interstate Building & Loan Ass'n of AtlantaU.S. Circuit Court for the District of South Carolina · 1905
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