Inge v. Interstate Building & Loan Ass'n

Citations

• 79 Miss. 18

Syllabus

<p>1. Mortgage. Fraudulently procured. Void. Cancellation..</p> <p>A mortgage given to secure a loan of money, the execution of which was fraudulently obtained on the assurance of the mortgagee that its term srequired only the repayment of the loan, with six per centum interest, when its provisions are much more onerous on the borrower, is fraudulent and will be canceled at the suit of the mortgagor, coupled with an offer to pay the loan with six per cen-tum interest.</p> <p>2. Same. Building and Loan Association. Premium. Unconscionable contract.</p> <p>A contract by which, upon a loan of $2,000, by a building and loan association, the borrower is required to pay $24 per month on forty shares of stock, twenty of which are for the sole benefit of the association, and $10 a month as interest, until the shares, of the par value of $100 each, are paid for and matured, is unconscionable and should not be enforced.</p>