Hubert v. Washington Investment Ass'n
Oregon Supreme Court
From Multnomah: Arthur L. Frazer, Judge. This is a suit by Flora Hubert and husband against the Washington National Building, Loan & Investment Association to cancel a mortgage.
Read the full summary
From Multnomah: Arthur L. Frazer, Judge. This is a suit by Flora Hubert and husband against the Washington National Building, Loan & Investment Association to cancel a mortgage. The facts, as disclosed by the pleadings, are that on June 28, 1895, the plaintiffs, having subscribed for twelve shares of the capital stock of the defendant, a corporation organized under the laws of, the State of Washington, of the par value of $100 each, secured from said corporation a loan of $1,200, giving their note therefor., payable on or before seven years, to secure the payment of which they pledged said…
1Opinion of the CourtChief Justice Moore
1. It is contended by defendant’s counsel that, though it has been held by this court that a loan of money by a building association upon a contract stipulating for the payment of interest and premiums exceeding the maximum rate of legal interest is usurious (Washington Invest. Assoc. v. Stanley, 38
*74Or. 319, 63 Pac. 489, 84 Am. St. Rep. 793*; Western Sav. Co. v. Houston, 38 Or. 377, 65 Pac. 611; Pacific Build. Co. v. Hill, 40 Or. 280, 67 Pac. 103, 56 L. R. A. 163), yet the contract entered into between plaintiffs and defendant was not illegal, bnt voidable, and that plaintiffs, by making…
2Cases cited5 opinions
- Bradtfeldt v. CookeOregon Supreme Court · 1895
- Washington Investment Ass'n v. StanleyOregon Supreme Court · 1901
- Western Savings Co. v. HoustonOregon Supreme Court · 1901
- Pacific Building Co. v. HillOregon Supreme Court · 1901
- Sturgis National Bank v. SmithCourt of Appeals of Texas · 1895
3Cited by2 opinions
- Epping v. Washington Invest. Assoc.Oregon Supreme Court · 1904
- Johnson v. Washington Loan Assoc.Oregon Supreme Court · 1904