Beso v. Eastern Building & Loan Ass'n of Syracuse

Citations

• 16 Pa. Super. 222
• 1901 Pa. Super. LEXIS 50

Syllabus

<p>Building and loan associations — Foreign building and loan associations</p> <p>Lex loci contractus — Mortgage—Usury.</p> <p>Where a loan made by a foreign building and loan association is evidenced by negotiable promissory notes payable at the office of the association in the state of New York, the notes constitute a contract to pay money in New York, and is subject to the law of New York which permits building and loan associations to charge usurious interest. The validity of the promise to pay, and the legality of the rate of interest, fines and fees charged, are to be determined iu accordance with the law of New York; but a mortgage of Pennsylvania real estate to secure the notes, is a conveyance of real estate in Pennsylvania as security for the debt, and the legality of the execution thereof, the extent and character of the lien thereby created, and the construction of the instrument must be governed by the law of Pennsylvania.</p> <p>Mortgage — Married women — Joinder of husband — Acknowledgment.</p> <p>A married woman can, in Pennsylvania, only create a lien by a mortgage upon her real estate when her husband joins in the instrument, which must be acknowledged in the form required by the Pennsylvania act.</p> <p>Mortgage — Covenants—Charge on land — Necessary implication.</p> <p>Any charge which is imposed upon real estate of a married woman by a mortgage executed by her must be found iu the express covenants of the mortgage, or arise out of the same by necessary implication.</p> <p>Mortgage — Foreign building and loan association — Covenants — Reference to by-laws.</p> <p>On a bill in equity to cancel notes given for a loan to a foreign building and loan association, and for a surrender of a mortgage on Pennsylvania real estate given to secure the notes, it appeared that plaintiff, a married woman, had paid a large number of the notes, and having a right to anticipate payment of the remainder, had tendered their aggregate amount with interest, and that th