Russell v. Cassidy
Missouri Court of Appeals
Appeal from St. Louis City Circuit Court. — Hon. Walter B. Douglas, Judge. (1) A building and loan association has no* power, while a going concern to assign the notes of its borrowers. R, S. 1889, secs. 2811, 2813; R. S. 1899, secs. 1361, 1362, 1363, 1368; Lovelace v. Pratt, 163 Mo. 76. (2) Corporate acts, in order to be unlawful and void, need not be immoral or expressly prohibited. It is sufficient that they are unauthorized, and therefore impliedly prohibited.
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Appeal from St. Louis City Circuit Court. — Hon. Walter B. Douglas, Judge. (1) A building and loan association has no* power, while a going concern to assign the notes of its borrowers. R, S. 1889, secs. 2811, 2813; R. S. 1899, secs. 1361, 1362, 1363, 1368; Lovelace v. Pratt, 163 Mo. 76. (2) Corporate acts, in order to be unlawful and void, need not be immoral or expressly prohibited. It is sufficient that they are unauthorized, and therefore impliedly prohibited. People ex rel. v. Chicago Gas Trust Co., 130 111. 286, 8 L. R. A. 497, 17 Am. St. 319; Franklin Co. v. Lewiston Inst, for Savings,…
1Opinion of the CourtBland, P. J.
The action was begun before a justice of the peace by the filing of the following promissory note:
“$300.00 St. Louis, July 3, 1893.
“Three months after date I promise to pay to the order of Climax Building and Loan Association three hundred dollars at office of the association. Value received with interest a,t eight per cent per annum from date until paid.
“No. 4. Due 10 — 3—’93. “Wm. B. Cassidy.”
Indorsed on back as follows:
“Nov. 15 — ’93, $10.
Nov. 15 — ’93, $15.
“Climax Building & Loan Assn.,
“Jas. P. Hesser, Sect’y.
“Thos. A. Russell.
“Demand, protest and notice of protest waived. “Climax…
2Cases cited5 opinions
- Riney v. HillSupreme Court of Missouri · 1851
- Lovelace v. PrattSupreme Court of Missouri · 1901
- Sappington v. Aetna Loan Co.Missouri Court of Appeals · 1898
- State ex rel. Christy v. DoneganSupreme Court of Missouri · 1887
- Russell v. CassidyMissouri Court of Appeals · 1904