Shannon v. Georgia State Building & Loan Ass'n

Citations

• 78 Miss. 955

Syllabus

<p>1. Usury. Contracts. Place of performance. Intent of parties.</p> <p>When, according to the real intention of the parties, as disclosed by the several features of a contract, payment was to be made in this state, the usury laws of this state are applicable thereto, although the contract contains a provision for payment in another state, having dissimilar laws.</p> <p>2. Same. Building and loan association. Case.</p> <p>Althongh by their terms notes in favor of a foreign building and loan association are made payable in the state of its domicile, the contract will be subject to the usury laws of this state when the notes are made in this state and secured by a mortgage on land of the maker in this state, and the maker, a resident of this state, has, through a series of years, made all payments of dues and interest in this state to an officer of the local board established and operated in this state by the association under its charter powers.</p> <p>3. Same. Fixed premixwn.</p> <p>The contract of a foreig-n building- and loan association for six per centum per annum, as interest, and six per centum per annum, as a fixed premium, payable in monthly installments, is usurious. Solwlosk/i v. Association, 77 Miss., 155, cited.</p>