Interstate Building & Loan Ass'n v. Brown
Supreme Court of Alabama
Appeal from the Chancery Court of Pike. Heard before the Hon. B. B. Kelly. The bill in this case was filed by the appellee, W. L. Brown, against the Interestate Building & Loan Association on December 31, 1898. The bill averred that the complainant ivas a resident citizen of Pike county, Alabama, and that the Interstate Building & Loan Association was a private corporation organized and chartered under the laws of the State of Georgia, and was doing business by its duly…
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Appeal from the Chancery Court of Pike. Heard before the Hon. B. B. Kelly. The bill in this case was filed by the appellee, W. L. Brown, against the Interestate Building & Loan Association on December 31, 1898. The bill averred that the complainant ivas a resident citizen of Pike county, Alabama, and that the Interstate Building & Loan Association was a private corporation organized and chartered under the laws of the State of Georgia, and was doing business by its duly authorized agent in this State. It was then averred that the defendant association was incorporated for the purpose of…
1Opinion of the CourtSharpe, J.
It appears from the bill that the contracts. which are complained of as being usurious were made pursuant to by-laws of the defendant association, which required its borrowing members to pay in monthly installments interest eo nomine on loans at the rate of six per cent, per annum and also to pay monthly stated sums on stock subscribed for until the stock matured. In addition to such monthly payments such members were required to pay membership fees and also fines in case any were imposed for defaults in making payment. Receipts from such sources were to go into a fund which after deducing…
2Cases cited4 opinions
- Southern Building & Loan Ass'n v. Anniston Loan & Trust Co.Supreme Court of Alabama · 1893
- Sheldon v. Birmingham Building & Loan Ass'nSupreme Court of Alabama · 1898
- Eslava v. New York National Building & Loan Ass'nSupreme Court of Alabama · 1898
- Johnson v. Eastern B. & L. Ass'nSupreme Court of Alabama · 1899
3Cited by4 opinions
- Farmers Saving's & Building & Loan Ass'n v. Kent & SabotkaSupreme Court of Alabama · 1901
- Beyer v. National Building & Loan Ass'nSupreme Court of Alabama · 1901
- Bell v. Southern Home Building & Loan Ass'nSupreme Court of Alabama · 1903
- Motes v. People's Building & Loan Ass'nSupreme Court of Alabama · 1902