Skinner v. Southern Home Building & Loan Ass'n

Citations

• 46 Fla. 547

Syllabus

<p>1. Competitive bidding for the premium to be paid for the preference of. priority of loans is an essential feature of the building society plan, within the meaning of chapter 4158, laws of 1893, exempting foreign building and loan associations doing business on such plan from the penalties of usury. (Maxwell, J., dissenting.)</p> <p>2. A foreign building and loan association is not permitted to charge interest at the rate of six per cent, and a fixed premium of six per cent, upon loans to its members in this State; the contract being made subject to the laws of Florida. (Maxwell; J., dissenting.)</p> <p>3. Where it appears that the legislature intended to place restrictions upon the right of foreign associations to do business in this State, there will not be imputed an intent to confer higher privileges upon them than are enjoyed by similar domestic associations unless such intent is made clear in the very language of the grant.</p> <p>4. A bill for foreclosure of mortgage which prays a deficiency judgment against the husband only and general relief is not obnoxious to the objection that it prays a deficiency judgment against the wife.</p> <p>5. Usury in the loan will not prevent the recovery of the reasonable attorneys’ fee provided for in the contract, where there has been default in payment of part of the principal and foreclosure lies to recover the principal of the loan.</p> <p>6. The default of a stockholder borrowing from a building and loan association does not .of itself change the contract between them so as to prevent the further accrual of dues, interest and fines according to its terms, though such default may give the association the option to enforce the contract for what was then due.</p> <p>7. The issuance of paid-up stock by an association where no dividends are paid thereon nor preferences given thereto, does not destroy the character of the association as a building and loan association, doing business on the building society plan, within the