Lanier v. Union Mortgage, Banking & Trust Co.
Supreme Court of Arkansas
Appeal from Mississippi Circuit Court- in Chancery. James E. Riddick, Judge. Ocobock was tbe agent of tbe Corbin Banking Company, and the bank was tbe agent of tbe mortgage company, and knowledge and participation in- tbe illegal reservation of twenty per cent., called commissions, was brought home to tbe bank and tbe company, and rendered the loan usurious. 54 Ark. 50; 51 id. 545; 27 Am. & Eng. Enc. Law, 1007; 33 Conn. 86; 43 Minn. 310; 110 U. S. 14; 46 Minn. 360; 32 Fed.
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Appeal from Mississippi Circuit Court- in Chancery. James E. Riddick, Judge. Ocobock was tbe agent of tbe Corbin Banking Company, and the bank was tbe agent of tbe mortgage company, and knowledge and participation in- tbe illegal reservation of twenty per cent., called commissions, was brought home to tbe bank and tbe company, and rendered the loan usurious. 54 Ark. 50; 51 id. 545; 27 Am. & Eng. Enc. Law, 1007; 33 Conn. 86; 43 Minn. 310; 110 U. S. 14; 46 Minn. 360; 32 Fed. Rep. 113. Tbe Corbin Banking Company loans were usurious because tbe notes bore interest at tbe highest legal rate of…
1Opinion of the CourtBattle, J.
This action involves eight mortgages or deeds of trust, and the debts they were made to secure. They are attacked on the ground of usury. The following are substantially the facts of the case, as we find them:
First. Some time in 1883 Lanier saw an advertisement of A. W. Ocobock in a newspaper published at Memphis, Tenn., in which he claimed to represent capitalists who proposed to make loans on improved lands in Arkansas. Lanier called at his office in Memphis, and made arrangements to secure a loan1 through him. He executed a note for $8,600 to the American Freehold Land Mortgage Company, of…
2Cases cited18 opinions
- Dugan v. LewisTexas Supreme Court · 1891
- Chapman v. RobertsonNew York Court of Chancery · 1837
- Union Trust Co. v. TrumbullIllinois Supreme Court · 1891
- Walker v. PritchardIllinois Supreme Court · 1887
- Arnold v. PotterSupreme Court of Iowa · 1867
13 more not listed; retrieve them via the Exa API.
3Cited by16 opinions
- Kronovet v. LipchinCourt of Appeals of Maryland · 1980
- McDougall v. HachmeisterSupreme Court of Arkansas · 1931
- Upshaw v. Equitable Life Assurance Society of United StatesDistrict Court, E.D. Arkansas · 1980
- Bank of Monette v. HaleSupreme Court of Arkansas · 1912
- Conqueror Trust Co. v. Bayless Drug Co.Supreme Court of Oklahoma · 1919
11 more not listed; retrieve them via the Exa API.