State v. Phoenix Loan Ass'n
Missouri Court of Appeals
Appeal from tbe Buchanan Circuit Court. — Hon. A. M. Woodson, Judge. (1) The execution of the new note and mortgage in 1896 did not purge the transaction of usury. Bank v. Miller, 73 Mo. 187; B. & L. Ass’n v. Lane, 81 Tex. 369; 27 Am. and Eng. Ency. of Law, pp. 964, 965, 966, 967, and cases cited. (2) The original loan was tainted with usury. R. S. 1899, secs. 3706 and 3709. There was no competitive bidding as is required by statute.
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Appeal from tbe Buchanan Circuit Court. — Hon. A. M. Woodson, Judge. (1) The execution of the new note and mortgage in 1896 did not purge the transaction of usury. Bank v. Miller, 73 Mo. 187; B. & L. Ass’n v. Lane, 81 Tex. 369; 27 Am. and Eng. Ency. of Law, pp. 964, 965, 966, 967, and cases cited. (2) The original loan was tainted with usury. R. S. 1899, secs. 3706 and 3709. There was no competitive bidding as is required by statute. R. S. 1889, sec. 2812; Moore v. B. & L. Ass’n, 74 Mo. App. 468; Brown v. Archer, .62 Mo. App. 277; Price v. Loan Ass’n, 75 Mo. App. 552; Sappington v. Loan Oo.,…
1Opinion of the CourtEllison, J.
— The Phoenix Loan Association was declared to be insolvent and defendants appointed receivers. While the association was doing business, viz.: March 10, 1892, the intervenor, James C. Stockton, borrowed of it the sum of $3,000. Afterwards, on Eebruary 4, 1896, a settlement was had between the parties and a new note and deed of trust given to secure it. Stockton thereafter brought the present action in which he seeks to have the debt discharged upon the payment of $1,131.09, a sum much less than that claimed by the receivers. The trial court found for the receivers and Stockton appealed.
The…
2Cases cited10 opinions
- Brown v. Lasalle ArcherMissouri Court of Appeals · 1895
- Pattison v. Albany Building & Loan Ass'nSupreme Court of Georgia · 1879
- Haigh v. United States Building, Land & Loan Ass'nWest Virginia Supreme Court · 1882
- Moore v. Cameron Building & Loan Ass'nMissouri Court of Appeals · 1898
- Natchez Building & Loan Ass'n v. ShieldsMississippi Supreme Court · 1893
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3Cited by6 opinions
- Magee v. VerityMissouri Court of Appeals · 1903
- Collings v. Industrial Savings SocietySupreme Court of Oklahoma · 1923
- Cover v. Mercantile Mutual Building & Loan Ass'nMissouri Court of Appeals · 1902
- Holmes v. Webb City Building & Loan Ass'nMissouri Court of Appeals · 1915
- Savage v. Evanston Savings & Loan Ass'nIllinois Supreme Court · 1907
1 more not listed; retrieve them via the Exa API.