Brown v. Redfield Building, Loan & Savings Ass'n

Invoking the provisions of our statutes on usury, plaintiffs seek a decree cancelling their certain notes and a mortgage held by defendant, a corporation chartered under SDC 7, and a judgment for money representing alleged overpayments on the principal amount of their obligations. They were denied relief below and have appealed.

The loan transactions about to be described are char1 acteristic of the dealings between building and loan associations and their borrowing members. In each instance a sum of money was advanced by the association, ’ and the member executed a promissory note therefor…