Southern Building & Loan Ass'n v. Casa Grande Stable Co.
Supreme Court of Alabama
Appeal from tlie Chancery Court of Morgan. Heard before the Hon. William H. Simpson. The bill in this case was filed by the appellee against the appellant.
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Appeal from tlie Chancery Court of Morgan. Heard before the Hon. William H. Simpson. The bill in this case was filed by the appellee against the appellant. It was averred in the bill that the complainant had negotiated a loan with the defendant, and for the purpose of securing the loan of the money, had subscribed for capital stock of the defendant association, bad given its bond and executed a. mortgage to secure the payment of the same, upon certain property owned by the complainant. That this loan was negotiated and consummated on the regular building and loan plan. It was further averred…
1Opinion of the CourtHaralson, J.
The bill attacks the validity of' the bond and mortgage of the .complainant company on several grounds, viz.: that they were given to secure a loan to said company at a greater rate of interest than 8 per cent per annum, and, under the 'statute under which said company was organized (Code, 1886, § 1664 subdiv. 71, said bond and mortgage were ultra vires and void; that said Stable Company is a corporation organized under the general laws of the State, having only the powers and authority conferred by statute, and that no power is given to it by statute, to subscribe for the. stock of another…
2Cases cited16 opinions
- Nelson v. HubbardSupreme Court of Alabama · 1892
- Grider v. American Freehold Land Mortgage Co.Supreme Court of Alabama · 1892
- Central Railroad & Banking Co. v. SmithSupreme Court of Alabama · 1884
- Southern Building & Loan Ass'n v. Anniston Loan & Trust Co.Supreme Court of Alabama · 1893
- Barrett & Co. v. Pollak Co.Supreme Court of Alabama · 1895
11 more not listed; retrieve them via the Exa API.
3Cited by7 opinions
- Westerlund v. Black Bear Mining Co.Court of Appeals for the Eighth Circuit · 1913
- Stuart v. HoltSupreme Court of Alabama · 1916
- In re V. & M. Lumber Co.District Court, N.D. Alabama · 1910
- Mercantile Commercial Bank v. Southwestern Indiana Coal Corp.Indiana Court of Appeals · 1929
- Beyer v. National Building & Loan Ass'nSupreme Court of Alabama · 1901
2 more not listed; retrieve them via the Exa API.