Freeman v. Ottawa Building, Homestead & Savings Ass'n

Citations

• 114 Ill. 182
• 28 N.E. 611

Syllabus

<p>1. Building and loan association—usury—validity of act of 1872. The decision of this court in Holmes et al. v. Smythe et al. 100 Ill. 413, that the act for the incorporation of loan associations is not unconstitutional, and that loans made according to its provisions are not usurious, is adhered to and followed.</p> <p>2. Same—forfeiture of stock for non-payment—notice. Where the charter of a loan association authorizes the forfeiture of a member’s stock for a failure to pay the prescribed assessments on his stock and the interest on a note given by him for money loaned him, together with the premium bid by him, the courts will not relieve him from a forfeiture for a willful neglect to make such payment; and a forfeiture may be declared in such case without notice to him, and the full amount due on his note collected.</p>