Case ID: ohio-st_22/html/0339-01.html
Source: Caselaw Access Project
Author: {"author": "By the Court.", "license": "Public Domain", "url": "https://static.case.law/"}
Date Created: 2024-08-24T03:29:51.129683

O. E. Lucas v. The Greenville Building and Saving Association.
    Motion for leave to file a petition in error.
    This was an action by tbe association to recover of Lucas money which he had as a loan from it as a member of the company. Interest was reserved and paid upon this loan exceeding eight per cent, per annum, the maximum rate allowed by tbe general law, but not exceeding the limits allowed by the statute under which the company was organized. This matter of alleged usury was set up as a defense, to the extent of the excess of interest paid over six per cent. Another defense set up was, that the association was not a legal corporation, because its certificate of association was acknowledged before a clerk of the-court, and not before a justice of the peace, as required by the statute Both these defenses were overruled.
   By the Court.

We see no error in this. The interest reserved was no more than the law allowed, and the defendant was estopped from settiug up the defense of no cor poration on account of the defect in the certificate.

Motion overruled.