Kelly v. Mobile Building & Loan Ass'n
Supreme Court of Alabama
Appeal from the Circuit Court of Mobile. Tried before the Hon. Harby T. Toulmin, This action was brought by the appellee, a private corporation, chartered under the laws of Alabama, against Jerry Kelly, to recover the possession of a city lot in Mobile, which the plaintiff claimed under a mortgage executed to it by said defendant. The cause was tried on issue joined on the plea of not guilty.
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Appeal from the Circuit Court of Mobile. Tried before the Hon. Harby T. Toulmin, This action was brought by the appellee, a private corporation, chartered under the laws of Alabama, against Jerry Kelly, to recover the possession of a city lot in Mobile, which the plaintiff claimed under a mortgage executed to it by said defendant. The cause was tried on issue joined on the plea of not guilty. The plaintiff’s mortgage was dated the 28th June, 1872; recited an indebtedness of $2,000, for which the defendant had executed hi's promissory note ; and was conditioned as follows : “Upon these express…
1Opinion of the CourtBb.ickell, C. J.
The lending of money to shareholders, on mortgages of real estate, on such terms and conditions as may be prescribed by the by-laws, is one of the express powers conferred on building and loan associations. Code of 1876, § 1943, subdivision 5. The loan to the appellant may not have been in conformity to, or may have been in contravention of, the by-laws of the association; but it was not ultra vires. By-laws of a corporation are not enforced by avoiding contracts made in violation of them. — Ang. & Ames on Corporations, § 362.
The mortgage debt may be tainted with usury. But usury does not…
2Cases cited2 opinions
- Welsh v. PhillipsSupreme Court of Alabama · 1875
- Morris v. HarveySupreme Court of Alabama · 1842
3Cited by6 opinions
- Burns v. CampbellSupreme Court of Alabama · 1882
- Harmon v. Dothan Nat. BankSupreme Court of Alabama · 1914
- Lomb v. Pioneer Saving's & Loan Co.Supreme Court of Alabama · 1894
- Voris v. Star City Building & Loan Ass'nIndiana Court of Appeals · 1898
- Powell v. CrawfordSupreme Court of Alabama · 1895
1 more not listed; retrieve them via the Exa API.