Sosa v. Pettaway

Citations

• 67 Fla. 18
• 64 So. 433

Syllabus

<p>X. Where an alleged Building and Loan Association made a loan to the appellants, but there was no competitive bidding for the amount loaned as required by the Statute (Paragraph 2749, Gen. Stats, of 1906), and where the amounts covenanted to be paid weekly by appellants as dues on the loan, and premium and interest thereon, in the aggregate exceeded ten per cent per annum on the amount borrowed, the transaction does not come within the proviso of Section 3105 General Statutes of 1906, and is usurious.'</p> <p>2. The fact that an alleged Building and Loan Association has become insolvent and is in the hands of a receiver does not prevent the application of the usury statute of this State, in a suit by the receiver to foreclose a mortgage given to the association to secure the payment of a weekly sum of money as dues, interest and premium, which in the aggregate exceed ten per cent per annum.</p>