Clarke v. Taylor
Supreme Court of Arkansas
Appeal from Garland Chancery Court. Leland Leatherman, Chancellor. STATEMENT BY THE COURT. The plaintiff alleged that the American Building & Loan Association was incorporated as a mutual building and loan association in 1887 under and virtue of the laws of the state of Minnesota, having its office and principal place of business in the state of Minnesota.
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Appeal from Garland Chancery Court. Leland Leatherman, Chancellor. STATEMENT BY THE COURT. The plaintiff alleged that the American Building & Loan Association was incorporated as a mutual building and loan association in 1887 under and virtue of the laws of the state of Minnesota, having its office and principal place of business in the state of Minnesota. On the 26th of July, 1892, its corporate name was changed to the American Savings & Loan-Association, without changing, altering or affecting any of its rights, privileges or liabilities. That the association carried on the general business…
1Opinion of the Court
Hughes., J.,
(after stating the facts). The questions involved in this ease, except the question as to the rate of interest, seem to have been determined in the recent case of Hale v. Phillips, 68 Ark. 382. As to the defenses of ultra vires and usury pleaded in this ease, the decree was adverse to the defendant, and there were no exceptions and no cross-appeal in the ease. These questions are therefore not presented here.
As to the rate of interest, the court is of the opinion that it is seven per cent., instead of six per cent., as found by the ehanr cellor, because the contract is a Minnesota…
2Cases cited2 opinions
- Bank of Harrison v. GibsonSupreme Court of Arkansas · 1895
- Hale v. PhillipsSupreme Court of Arkansas · 1900
3Cited by2 opinions
- Fayetteville v. BakerSupreme Court of Arkansas · 1928
- Hough v. MaupinSupreme Court of Arkansas · 1905