Goodman v. Durant Building & Loan Ass'n
Mississippi Supreme Court
From the chancery court of Holmes county. Hon. T. B. Graham, Chancellor. On December 10, 1891, Mary T. Goodman borrowed from the Durant Building & Loan Association $2,362.50, and gave her note for $3,500, with interest thereon at the rate of ten per cent, per annum, the interest payable monthly on or before the fifteenth day of each month. The difference between the amount received by her and that for which the note was given represented the premium bid by her for the money.
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From the chancery court of Holmes county. Hon. T. B. Graham, Chancellor. On December 10, 1891, Mary T. Goodman borrowed from the Durant Building & Loan Association $2,362.50, and gave her note for $3,500, with interest thereon at the rate of ten per cent, per annum, the interest payable monthly on or before the fifteenth day of each month. The difference between the amount received by her and that for which the note was given represented the premium bid by her for the money. She subscribed for and received shares of stock of the association, and to secure the loan she pledged 17-|- shares,…
1Opinion of the CourtCampbell, C. J.
We reject the notion that because no statute.of this state expressly authorizes the creation of building and loan associations, therefore, none could be formed under the general law for incorporations. Under the general law, any corporation not prohibited could he formed with any customary and appropriate powers not inconsistent with law. The vital principle of such associations, as known to us, is compounding monthly receipts, whereby to produce astounding results, for the mutual benefit of all concerned, and what is called a fine (merely an agreed sum as liquidated damages) is imposed for…
2Cases cited1 opinion
- Sullivan v. Jackson Building & Loan Ass'nMississippi Supreme Court · 1892
3Cited by7 opinions
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- Melsheimer v. McKnightMississippi Supreme Court · 1908
- Building & Loan Ass'n v. LeonardMississippi Supreme Court · 1897
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