Thompson & Co. v. Gillison
Supreme Court of South Carolina
This was an action by Jesse Thompson & Co. against D. B. Gillison, commenced December 17, 1886, to foreclose a mortgage bearing date May 26, 1886; and the Aiken Building & Loan Association and G. W. Croft, senior mortgagees, and D. W. Gaston, a junior mortgagee, were made defendants. The only question at issue was between the co-defendants, Gillison and the Building & Loan Association, the former alleging that his bond to the latter was usurious.
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This was an action by Jesse Thompson & Co. against D. B. Gillison, commenced December 17, 1886, to foreclose a mortgage bearing date May 26, 1886; and the Aiken Building & Loan Association and G. W. Croft, senior mortgagees, and D. W. Gaston, a junior mortgagee, were made defendants. The only question at issue was between the co-defendants, Gillison and the Building & Loan Association, the former alleging that his bond to the latter was usurious. Upon this issue the facts were as follows: The Aiken Building & Loan Association was incorporated December 23, 1883 (18 Stat., 499), with power to…
1Opinion of the Court
The opinion of the court was delivered by
Mr. Justice McIver.
We agree with the Circuit Judge and the special master, Mr. James Aldrich, who, in his able and elaborate report, has shown conclusively that there is no usury in the contract here brought in question. It would be very difficult to add anything to what is so well said in the report, and we shall not attempt to do so, further than to illustrate his views by two calculations based upon two different views of the case.
It seems that the appellant was not one of the original stockholders in the association, but after it had been in…
2Cited by3 opinions
- Falls v. United States Savings, Loan & Building Co.Supreme Court of Alabama · 1892
- Carpenter v. LewisSupreme Court of South Carolina · 1903
- Flinn v. Interstate Building & Loan Ass'n of AtlantaU.S. Circuit Court for the District of South Carolina · 1905