People's Building, Loan & Saving Ass'n v. Berlin

Citations

• 201 Pa. 1
• 50 A. 308
• 1901 Pa. LEXIS 703

Syllabus

<p>Corporations—Foreign corporations—Building and loan associations— Doing business—Bond and mortgage—Usury.</p> <p>A foreign building and loan, association having its office in the state of its domicile, where under its articles of association and by-laws, its business must be conducted, and at which office all payments must be made to it, and all contracts passed upon, does not, in making a loan to a citizen of Pennsylvania on a bond, through an agent in Pennsylvania, and taking as security for the debt a mortgage on Pennsylvania real estate, make a Pennsylvania contract governed by the usury laws of this state; nor is the association doing business in Pennsylvania within the meaning of the act of April 22, 1874, requiring the registration of foreign corporations. In such a case there is no employment by the association of any part of its capital in Pennsylvania. The capital, if employed in Pennsylvania, is employed by a citizen of Pennsylvania. Swing v. Munson, 191 Pa. 582, distinguished.</p>