Interstate Savings & Loan Ass'n v. Badgley

Citations

• 115 F. 390
• 1902 U.S. App. LEXIS 4939

Syllabus

<p>1. Savings and Loan Associations — Mortgages—Foreclosure—Complaint— Equity.</p> <p>A complaint by a savings and loan association to foreclose a mortgage was without equity, where it appeared that in order to procure the loan the mortgagor was required to subscribe for stock, and that the withdrawal. value of the stock, plus the premiums paid by the mortgagor, etc., more than equaled the face of the loan, and that the interest paid on the average balance due on. the loan amounted to about 12 per cent.</p> <p>2. Same — What Law Governs in Determining Whether Complaint Has Equity.</p> <p>Whether the complaint was without equity was not determinable by the laws of the state where the association was organized, but according to the law of the forum.</p>