Estey v. Capital Investment, Building & Loan Ass'n
Michigan Supreme Court
Appeal from Shiawassee; Smith, J. Bill by David M. Estey against the Capitol Investment, Building & Loan Association to restrain the foreclosure of a mortgage. From a decree for defendant, complainant appeals.
1Opinion of the CourtMontgomery, J.
The complainant filed a bill to restrain the foreclosure of a mortgage given to defendant to secure the repayment of $1,500, advanced to complainant in accordance with the terms of the defendant’s bylaws. These by-laws provided for the payment, monthly, of $18, to be applied as follows: . Installments on stock, $4.50; interest (75 cents per month on each $100), $11.25; premium (15 cents per month on each $100), $2.25.
It is apparent that the contract was usurious, unless it can be treated as one authorized by law, and exempted from the usury laws. An elaborate argument is made to show that the…
2Cases cited11 opinions
- Fowler v. Equitable Trust Co.Supreme Court of the United States · 1891
- Borrowers' & Investors' Building Ass'n v. EklundIllinois Supreme Court · 1901
- Mechanics & Working Men's Mutual Savings Bank v. WilcoxSupreme Court of Connecticut · 1855
- Myers v. Alpena Loan & Building Ass'nMichigan Supreme Court · 1898
- Bateman v. BlakeMichigan Supreme Court · 1890
6 more not listed; retrieve them via the Exa API.
3Cited by9 opinions
- Gladwin State Bank v. DowMichigan Supreme Court · 1920
- Vandervelde v. WilsonMichigan Supreme Court · 1913
- Union Guardian Trust Co. v. CrawfordMichigan Supreme Court · 1935
- Stack v. Detour Lumber & Cedar Co.Michigan Supreme Court · 1908
- Continental National Bank of Chicago v. FlemingMichigan Supreme Court · 1912
4 more not listed; retrieve them via the Exa API.