Bank of Loudon v. Armor
Mississippi Supreme Court
From the chancery court of Union county. Hon. John Q. Bobins,. Chancellor. Armor, appellee, was complainant in the court below; the Bank of Loudon (Tennessee), appellant, was defendant there. From a decree favorable to complainant defendant appealed to the supreme court.
Read the full summary
From the chancery court of Union county. Hon. John Q. Bobins,. Chancellor. Armor, appellee, was complainant in the court below; the Bank of Loudon (Tennessee), appellant, was defendant there. From a decree favorable to complainant defendant appealed to the supreme court. Armor, complainant and appellee, was a subscriber for the stock in a building and loan association known as the Atlas Savings & Loan Association, of Chattanooga, Tennessee, and he also borrowed money from the association, securing the loan by a trust deed • on his homestead, and thereafter made divers ’ payments on stock…
1Opinion of the Court
Mates, L,
delivered the opinion of the court.
This case is on appeal for the second time. Unless the stock dues are to be credited as payments on the indebtedness, the record shows that this contract is not usurious. In the former case the court held that the stock dues were to be credited, and that therefore the contract was usurious. On an analysis of the opinion of the court in that case the court did not hold, and did not intend to hold, that stock dues, as a general proposition, were to be credited on the indebtedness of a borrower, where the borrower sustained the dual relation to the…
2Cases cited2 opinions
- People's Building & Loan Ass'n v. McPhilamyMississippi Supreme Court · 1902
- Armor v. Bank of LoudonMississippi Supreme Court · 1905