Inge v. Interstate Building & Loan Ass'n
Mississippi Supreme Court
From the chancery court of Lauderdale county. Hon. Nathan C. Hill, Chancellor. Mrs. Inge, appellant, was the complainant in the court below ; the building and loan association, appellee, was defendant there.
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From the chancery court of Lauderdale county. Hon. Nathan C. Hill, Chancellor. Mrs. Inge, appellant, was the complainant in the court below ; the building and loan association, appellee, was defendant there. The bill alleges that in 1890 an agent of appellee association induced complainant to subscribe -'for forty shares of its capital stock, and to borrow the sum of $2,000 from it, and to secure the same by a deed of trust on her house and lot and the transfer of the shares of stock to it for additional security ; that this agent represented to her that the Interstate Building and Loan…
1Opinion of the CourtWhitfield, C. J.
The fraud charged in this bill is of the grossest character, and clearly established by the evidence. It follows that the complainant should have had the relief prayed for in her bill, she offering to do equity by repaying the loan with six per centum interest, and that the relief asked for by the cross bill should have been denied. The act of 1886, of course, is of no avail, since it could not have the effect of preventing the consequences of the fraud in the procurement of the contract. It may be added that the contract is unconscionable to the last degree, and such as no court should…
2Cases cited4 opinions
- Williar v. Baltimore Butchers' Loan & Annuity Ass'nCourt of Appeals of Maryland · 1877
- Rowland v. Old Dominion Building & Loan Ass'nSupreme Court of North Carolina · 1894
- Sawyer v. Menominee Loan & Building Ass'nMichigan Supreme Court · 1894
- Interstate Building & Loan Ass'n v. HafterMississippi Supreme Court · 1899
3Cited by1 opinion
- Armor v. Bank of LoudonMississippi Supreme Court · 1905