North American Capital Corporation v. McCants

OPINION

DYER, Chief Justice.

This suit was brought to recover the balance due under a lease contract of real estate. The case comes to this Court by an agreed stipulation of facts. In this opinion the lessor, North American Capital Corporation, will be referred to as the appellant, and Jesse L. McCants, Sr., et al, the lessees, as the appellees. The issue involved is application of the contract doctrine of frustration of commercial purpose.

Appellees desired to open a federal savings and loan association which required a charter from the Federal Home Loan Bank Board. This federal agency required…