Zenith Building & Loan Ass'n v. Heimbach
Supreme Court of Minnesota
Action in the district court for St. Louis county to foreclose a mortgage. The case was tried before Moer, J., who found in' favor ■of plaintiff; and from an order denying a motion for a new trial, -defendants appealed. Plaintiff is not a building and loan association within contemplation of the laws which exempt such associations from usury. In such an association there must be mutuality.
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Action in the district court for St. Louis county to foreclose a mortgage. The case was tried before Moer, J., who found in' favor ■of plaintiff; and from an order denying a motion for a new trial, -defendants appealed. Plaintiff is not a building and loan association within contemplation of the laws which exempt such associations from usury. In such an association there must be mutuality. In order that there may be mutuality, the money should be raised by dues paid in on stock and moneys loaned, and the association should not be a borrowing and loan brokerage institution. See City Loan Co.…
1Opinion of the Court
START, O. J.
This is an action to foreclose a real-estate mortgage executed April 16,1892, by the defendants to the plaintiff to secure a loan of $1,000 made by it to the defendant William P. Heimbach. The making of the mortgage and bond secured thereby, and that the payment of interest and premium and dues was not made as the bond and mortgage required, were admitted by the defendants, but they alleged as a defense that the transaction was usurious. The trial court made its findings of fact and conclusions of law to the effect that the mortgage was a valid security, and directed judgment of…
2Cases cited2 opinions
- Central Building & Loan Ass'n v. LampsonSupreme Court of Minnesota · 1895
- City Loan Co. v. CheneySupreme Court of Minnesota · 1895
3Cited by10 opinions
- State ex rel. Young v. Standard Oil Co.Supreme Court of Minnesota · 1910
- Hoff v. First State Bank of WatsonSupreme Court of Minnesota · 1928
- Midland Savings & Loan Co. v. HendersonSupreme Court of Oklahoma · 1915
- Central Building, Loan & Savings Co. v. BowlandDistrict Court, S.D. Ohio · 1914
- Farmers State Bank of Madelia, Inc. v. BurnsSupreme Court of Minnesota · 1942
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