Sokoloski v. New South Building & Loan Ass'n

Citations

• 77 Miss. 155

Syllabus

<p>1. Building and Loan Associations. Nonresident company. Code 1892, $ 2348. Exemption from usury. Comity.</p> <p>Comity does not require that nonresident building and loan associations be allowed the exemptions from the usury laws given by statute, code 1892, § 2348, to like associations “domiciled in this state.”</p> <p>2. Same. Interest. Premiums.</p> <p>Ten per centum per annum being the maximum rate of lawful interest, the contract of a nonresident building and loan association stipulating for six per centum per annum, as interest, and six per centum to be paid per month as fixed premiums upon a loan, is usurious.</p> <p>3. Same. Law of domicile.</p> <p>A law of its domicile authorizing a nonresident building and loan association to charge a fixed premium, per month, upon a loan, is not operative here against our usury laws.</p>