Southern Home Building & Loan Ass'n v. Tony

Citations

• 78 Miss. 916

Syllabus

<p>I. Usury. Nom'esident bwilding and loam association. Fixed premium. Code 1893, l 3348.</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 a monthly fisted premium and a sum by way of interest, which aggregate an amount greater than such maximum, is usurious. Sokoloski v. New South, etc., Association, 77 Miss., 155.</p> <p>3. Same. Injunction. Deed of trust. Payment. Tender.</p> <p>A debtor may enjoin a sale of property under a deed of trust given to secure an usurious debt by paying or tendering the principal of the debt, without interest. Code 1892, g 2348. Parchmcm v. McKinney, 12 Smed. & M., 631, and Long v. McGregor, 65 Miss., 70, approved; Mortgage Co. v. Jefferson, 69 Miss., 770, explained. (See Purvis v. Woodward, post, 922.)</p>