Frost v. Pacific Savings Co.
Oregon Supreme Court
From Multnomah: Arthur Ij. Frazer, Judge. This is a suit by John B. Frost and wife against the Pacific States Savings, Loan & Building Co. to compel the cancellation of a mortgage on the ground that the amount secured thereby has been fully paid. The defendant is a California corporation, organized for the purpose and with the power of conducting the business of a building and loan association.
Read the full summary
From Multnomah: Arthur Ij. Frazer, Judge. This is a suit by John B. Frost and wife against the Pacific States Savings, Loan & Building Co. to compel the cancellation of a mortgage on the ground that the amount secured thereby has been fully paid. The defendant is a California corporation, organized for the purpose and with the power of conducting the business of a building and loan association. On May 16, 1893, one Jason J. Covey borrowed of the corporation, at Portland, Oregon, the sum of $1,000, payable on or before seven years after date>, with interest at the rate of 6 per cent per annum,…
1Opinion of the CourtJustice Bean
It is conceded that the contract between Covey and the defendant was usurious, under the laws of this state, and that, as between the parties thereto, all payments made thereon would go to the extinguishment of the debt: Washington Invest. Assoc. v. Stanley, 38 Or. 319* (63 Pac. 489, 84 Am. St. Rep. 793; Western Sav. Co. v. Houston, 38 Or. 377 (14 Am. & Eng. Corp. Cas. N. S. 710, 65 Pac. 611); Pacific Build. Co. v. Hill, 40 Or. 280 (67 Pac. 103, 56 L. R. A. 163). The contention of the defendant, however, is that Frost, having purchased the mortgaged premises, and assumed arid agreed to pay…
2Cases cited16 opinions
- Washington Investment Ass'n v. StanleyOregon Supreme Court · 1901
- Texas Loan Agency v. FlemingCourt of Appeals of Texas · 1898
- People's Building & Loan Ass'n v. SellarsCourt of Appeals of Texas · 1898
- Western Savings Co. v. HoustonOregon Supreme Court · 1901
- Bowers v. Mississippi & Rum River Boom Co.Supreme Court of Minnesota · 1899
11 more not listed; retrieve them via the Exa API.
3Cited by1 opinion
- Irwin v. Washington Loan Ass'nOregon Supreme Court · 1903