National Building & Loan Ass'n v. Wilson

Citations

• 78 Miss. 993

Syllabus

<p>1. Usury. Building and loan associations.</p> <p>The contract of a nonresident building and loan association stipulating for 6 per centum per annum, as interest, and 6 per centum per annum as a fixed premium, payable in monthly installments, is usurious. Soholoshi v. Association, 77 Miss., 155 ; CroftonY. Association, lb., 166.</p> <p>3. Samis. Foreign association. Localization. Agent.</p> <p>When a nonresident building and loan association carries on its business in this state, through local agents, instead of local boards, but does so in all other respects, substantially in the manner considered in Shannon y. Association, ante p. 955, its loans made in this state and secured by deeds of trust on land in this state, are subject to the usury laws of this state, although the contracts contain a stipulation that the loans shall be payable in the state of its domicile.</p> <p>3. Same. Branch. Agency. Privilege tax. Laws 1890, p. 10.</p> <p>As manifested by the act imposing privilege taxes (laws 1890, p. 10), “branches” and “agencies” of foreign building and loan associations are the same in legislative contemplation, and each is required to be treated as a separate and distinct building and loan association.</p>