Mechanics & Working Men's Mutual Savings Bank v. Wilcox
Supreme Court of Connecticut
This was a bill to foreclose mortgaged premises. The cause came on, for hearing, before the superior court for New Haven county, at the October term, 1854, when that court made a special finding, and reserved the case for the advice of this court. The material facts, thus found, are the following.
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This was a bill to foreclose mortgaged premises. The cause came on, for hearing, before the superior court for New Haven county, at the October term, 1854, when that court made a special finding, and reserved the case for the advice of this court. The material facts, thus found, are the following. The plaintiffs were duly organized, under the statute, entitled," An act, authorizing the establishment of savings and building associations,” passed in 1850, and adopted their constitution. The defendant, Wilcox, in July, 1853, became a member of the association, and subscribed for thirty shares of…
1Opinion of the Court
"Waite, C. J.
The loan, made by the plaintiffs to the defendant, Wilcox, in the present case, aside from the statute, “ authorizing the establishment of savings and building associations,” was unquestionably made upon an usurious contract, and in violation of the statutes made “ to restrain the taking of usury.” For although one portion of the sum to be paid for the use of the money is called interest, and another portion a bonus, yet in truth, and in fact, it was nothing more nor less, than a contract to pay fifteen percent, for such use.
The only question therefore is, whether the former…
2Cases cited1 opinion
- President of the Bank of the United States v. OwensSupreme Court of the United States · 1829
3Cited by19 opinions
- Welch v. WadsworthSupreme Court of Connecticut · 1861
- Washington Investment Ass'n v. StanleyOregon Supreme Court · 1901
- Holmes & Griggs Manufacturing Co. v. Holmes & Wessell Metal Co.New York Court of Appeals · 1891
- Mechanics' & Working-Men's Mutual Savings Bank & Building Ass'n v. AllenSupreme Court of Connecticut · 1859
- Fidelity Savings Ass'n v. SheaIdaho Supreme Court · 1899
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