Meares v. Finlayson

Citations

• 55 S.C. 105
• 32 S.E. 986
• 1899 S.C. LEXIS 83

Syllabus

<p>1. Contract — N. C. Contract — B. & L. Assn. — Is this contract made with a North Carolina building and loan association a North Carolina contract?</p> <p>2. B. & L. Assn. — Corporations—Stockholder—Corporator.—The question whether a non-resident borrower of a building and loan association who has assigned his stock to the association to secure his loan, is liable for his prorata share on his stock to pay losses of the association, does not arise in this case, but only that of lender and borrower. Justice Pope dissents.</p> <p>3. Ibid. — Ibid.—Ibid.—Foreign Courts — Comity of Courts. — A borrower of a foreign building and loan association is not bound by the proceedings in North Carolina Courts to wind up the affairs of the insolvent association, because: (i) he was not a party; (2) of exemption in order; (3) he had assigned his stock to association before insolvency, and is not now a stockholder. Justice Pope dissents.</p> <p>4. Usury — B. & L. Assn. — A contract of a building and loan association charging six per cent, interest on a loan and six per cent, premium is usurious.</p> <p>5. Ibid. — Ibid.—A Transferee of a building and loan contract may plead usury as to payments made by him on such contract.</p> <p>6. Remedies — Usury—Statutory Penalty — Foreign Contracts— Contracts. — When a North Carolina contract is held by the Courts of that State to be usurious, and such contract is sought to be enforced against a resident, and he pleads usury, the penalty for charging usury prescribed by our statute will be enforced against the foreign contract. Justice Pope dissents.</p> <p>7. Usury — Reference.-—Order remanding case to master to compute amount due after sustaining plea of usury, proper.</p> <p>8. B. & L. Assn. — Attorney's Fees — Mortgages.—Where a borrower of a building and loan association agrees to pay ten per cent, attorney’s fees in case of foreclosure of his mortgage, but on account of insolvency of association he cannot complete his contract, and fore