Mechanics & Working Men's Mutual Savings Bank v. Meriden Agency Co.
Supreme Court of Connecticut
This was a bill to foreclose mortgaged premises. The cause came on for hearing before the superior court for New Haven county, at the October term, 1854, when that court made a finding of the facts, and reserved the case for the advice of this court. The material facts, upon which the opinion of the court is founded, are the following. The plaintiffs were organized in the manner, and with the powers, stated in the preceding case, in their favor, against Wilcox and others.
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This was a bill to foreclose mortgaged premises. The cause came on for hearing before the superior court for New Haven county, at the October term, 1854, when that court made a finding of the facts, and reserved the case for the advice of this court. The material facts, upon which the opinion of the court is founded, are the following. The plaintiffs were organized in the manner, and with the powers, stated in the preceding case, in their favor, against Wilcox and others. The defendants were a joint stock corporation, organized under, and pursuant to, the statutes relating to such…
1Opinion of the CourtWaite, C. J.
The contract, in the present case, is substantially the same as that in the preceding one, in favor of these plaintiffs against Wilcox and others, and, for the reasons there assigned, was unauthorized by the statute, under which the plaintiffs were organized and acted, and consequently usurious. The decision in that case governs the present, so far as the power of the plaintiffs to contract is concerned. But there are other questions involved in this case, not embraced in the other, which require a brief consideration.
The first is, whether the defendants, being a joint stock corporation,…
2Cited by18 opinions
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