Kittredge v. Chillicothe Loan & Building Ass'n
Missouri Court of Appeals
Appeal from Livingston Circuit Court . — Hon. J. W. ■ Alexander, Judge. (1) The loan made to plaintiff in this case was usurious. The board of directors of defendant had a fixed minimum premium. There was no competitive bidding among the borrowers seeking loans. The bids were made against the directors, who hid for the sole purpose of getting a higher premium for their money, in other words to extort usury from the borrower. R. S. 1899, sec. 2812; Moore v. Bldg.
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Appeal from Livingston Circuit Court . — Hon. J. W. ■ Alexander, Judge. (1) The loan made to plaintiff in this case was usurious. The board of directors of defendant had a fixed minimum premium. There was no competitive bidding among the borrowers seeking loans. The bids were made against the directors, who hid for the sole purpose of getting a higher premium for their money, in other words to extort usury from the borrower. R. S. 1899, sec. 2812; Moore v. Bldg. Assn., 74 Mo. App. 468; Brown v. Archer, 62 Mo. App. 277; Price v. Loan Assn., 75 Mo. App. 551; Barnes v. Assn., 83 Mo. App. 466;…
1Opinion of the Court
SMITH, P J.
— The defendant is a building and loan association incorporated under the statutes of this State. In November, 1891, the plaintiff was a stockholder in said association holding seven shares therein of the par value of two hundred dollars and on the thirteenth day of said month procured a loan to be made to him by it of the sum of $1,400 and executed his promissory note to it for that amount, payable one day after date with 8 per cent interest from date, and to secure which he pledged said shares of stock and executed a deed of trust on certain real property.
The plaintiff claimed…
2Cases cited2 opinions
- Brown v. Lasalle ArcherMissouri Court of Appeals · 1895
- Cover v. Mercantile Mutual Building & Loan Ass'nMissouri Court of Appeals · 1902
3Cited by5 opinions
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- Reynolds v. HoodSupreme Court of Missouri · 1908
- Brecker v. FillinghamSupreme Court of Missouri · 1908
- Neilson v. MastersOregon Supreme Court · 1914
- Wallace v. First Nat. Bank of ClovisCourt of Appeals of Texas · 1922