Mutual Home & Savings Ass'n v. Worz

Citations

• 67 Kan. 506
• 73 P. 116
• 1903 Kan. LEXIS 282

Syllabus

<p>SYLLABUS BY THE COURT.</p> <p>1. Building and Loan Associations— Usurious Loan,. Where-the controlling statute requires that directors of building and loan associations hold stated meetings at which loans of money shall be offered to all the members in open meeting, and that the shareholder who bids the highest for the preference or priority be entitled to receive the loan, any loans made without competitive sales as required, the premiums being fixed by arbitrary rule, are illegal, and the premiums, dues and charges in excess of legal interest will be deemed usurious.</p> <p>2. -Missouri Statute. In the absence of proof to the contrary, the statute of Missouri relating to usury will be presumed' to be similar to the statute of this state.</p>