Portneuf Lodge No. 20 v. Western Loan & Savings Co.

Citations

• 6 Idaho 673
• 59 P. 362
• 1899 Ida. LEXIS 56

Syllabus

<p>Usurious Contracts. — Under the laws of this- state an 'action may be maintained on a usurious contract for the recovery of the principal sum loaned. Such a contract is not void.</p> <p>Same — Section 1266 of the Revised Statutes. — Kind of Judgment to be Entered Under. — The provisions of section 1266 of the Revised Statutes direct the kind of a judgment to be entered in actions onl a usurious contract, but does not prescribe any particular action fof such contracts.</p> <p>Corporation — Encumbering Real Estate. — Under the provisions of section 2764 of the Revised Statutes a benevolent corporation cannot legally encumber or sell its real property without first obtaining an order for that purpose of the district court of the county in which such real property is situated.</p> <p>Contracts Ultra Vires. — The execution of those usurious or forbidden contracts was not germane or incidental to any powers conferred on said plaintiff corporation by its charter or the laws of this state, but was absolutely prohibited.</p> <p>Cloud on Title — Cancellation of Mortgage. — Under the facts of this case equity will remove the cloud, cast upon the mortgagor’s title, it being shown that the mortgagor has paid to the mortgagee the principal sum borrowed and that such contracts were ultra vires.</p> <p>(Syllabus by the court.)</p>