Equitable B. & L. Ass'n v. Vance

Citations

• 49 S.C. 402
• 27 S.E. 274
• 1897 S.C. LEXIS 158

Syllabus

<p>1. Peace oe Performance. — -The contract in this case was intended to be performed in the State of Georgia.</p> <p>2. B. & L. Association — Usury—Interest—Borrower.—A member of a building and loan association owning stock, and borrowing money therefrom, occupies dual positions, each separate and distinct, (1) that of a member of the corporation, and (2) that of borrower from the corporation, and the monthly payments made on the stock cannot be blended with the payments of interest on the loan, to ascertain the rate of interest paid, and thus make up usury.</p> <p>3. B. & L. Association v. Dorsey, 16 S. C., 462, distinguished from this case.</p> <p>4. Petition eor Rehearing refused.</p>