Dickerson v. Raleigh Co-Operative Land & Building Ass'n
Supreme Court of North Carolina
Civil Action tried on exceptions to a referee’s report, at Fall Term, 1883, of Wake Superior Court, before Shepherd‘ J. The purpose of the suit was to effect a settlement with the defendant, and the referee T. M. Argo found the following facts, in substance: The plaintiff became a member of the Raleigh Co-operative Land and Building Association in 1869, and in •June of that year borrowed from the defendant the sum of $199, to secure which, ho gave his note for $400, bearing…
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Civil Action tried on exceptions to a referee’s report, at Fall Term, 1883, of Wake Superior Court, before Shepherd‘ J. The purpose of the suit was to effect a settlement with the defendant, and the referee T. M. Argo found the following facts, in substance: The plaintiff became a member of the Raleigh Co-operative Land and Building Association in 1869, and in •June of that year borrowed from the defendant the sum of $199, to secure which, ho gave his note for $400, bearing six per ■cent, interest from June 3d, 1869. In November following he borrowed the further sum $293.55, and to secure…
1Opinion of the CourtMekuimoN, J.
The business conducted by the defendant corporation was unlawful. It was a perversion of the purposes and privileges conferred by its charter. The plaintiff was one of the corporators and participated in its transactions. Tie agreed to share its fortunes, and voluntarily became one of its victims. He borrowed money from it, and repaid the same with more than the lawful interest upon the sum received, but not more than he agreed to pay for supposed advantages. It is not pretended that he paid to it more than was due, according to the methods devised and provided for by its by-laws and business…
2Cases cited3 opinions
- Mills v. Salisbury Building & Loan Ass'nSupreme Court of North Carolina · 1876
- Commissioners of Catawba County v. SetzerSupreme Court of North Carolina · 1874
- Latham v. Washington Building & Loan Ass'nSupreme Court of North Carolina · 1877
3Cited by1 opinion
- Star Ass'n v. WoodsTennessee Supreme Court · 1897