Citizens' Mutual Loan & Accumulating Fund Ass'n v. Webster
New York Supreme Court
THIS was an action for the foreclosure of two mortgages. The complaint alleged that the plaintiffs were a corporation duly incorporated pursuant to, and in accordance with, an act of the legislature, passed April 10, 1851, entitled “An act for the incorporation of Building, Mutual Loan, and Accumulating Fund Associations.”
Read the full summary
THIS was an action for the foreclosure of two mortgages. The complaint alleged that the plaintiffs were a corporation duly incorporated pursuant to, and in accordance with, an act of the legislature, passed April 10, 1851, entitled “An act for the incorporation of Building, Mutual Loan, and Accumulating Fund Associations.” That the defendant Epenetus Webster, for the purpose of securing the payment to the plaintiffs of the sum of $14 monthly, until the termination of their association, on the 21st day of October, 1852, executed and delivered .to the plaintiffs a bond bearing date on that day,…
1Opinion of the CourtBirdseye, J.
Two objections are made to the validity of the bonds and mortgages in suit, and to their enforcement in this action. First. That they are usurious and void. Second. If not void, that they are evidence of a contract so unconscionable, oppressive and harsh in character, that the court must *268presume- that the defendant could not have assented to it, with a knowledge and understanding of its exactions.
As to the usury. Upon an examination of the bond and mortgage, and the articles of association of the plaintiffs therein referred to, it appears that the security is given not for the payment of the…
2Cited by5 opinions
- Lynn v. Freemansburg B. & L. Ass'nSupreme Court of Pennsylvania · 1887
- Massey v. Citizens' Building & Savings Ass'nSupreme Court of Kansas · 1879
- Sullivan v. Jackson Building & Loan Ass'nMississippi Supreme Court · 1892
- Parker v. United States Building, Land & Loan Ass'nWest Virginia Supreme Court · 1882
- Shannon v. DunnSupreme Court of New Hampshire · 1861