Belmont chronicle. [volume] (St. Clairsville, Ohio) 1855-1973, 1873-11-20
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An important decision has just been
rendered in Baltimore. in the case OF
the Baltimore Permanent Building
and Land Association VS.. Gen. W.Tay.
lor. 1t seems that Taylor was delin-
Iquent TO the Association, and about ta
be sold out under a decree. and an ap-
plica,ion for stay of proceedings on
the ground of usury i'll the contract be-
tween himself andthe Building AsSo-
citation. The mortgage made by Tay-
lor TO the Association recited loan to
him OF $500, on nine shares of the
stock ofthe Association, held by him
in his own name, and providedfor the
payment Of the same in weekly install
ments of S11 16 for ten years. There
are covenants by which the mOrtgagOr
obligates himself to pay all ground
rents, taxes and other legal charges, and
to keep the property. insured to the
full amount of the mortgage $4,000.
for the benefit of fthemertgagee.
The Baltimore Ame'acan says that
Judge PinkneY, assisted by one of the
Auditors of the Court; made some
arithmetical calculations which will
open the eyes of those who pay their
weekly instalments, under the impress
sion that they are only returning that
which they have received, with h-lawful
interest fer the use of the same. In
point Of fact, the defendant did 1ot re-
ceive 50, 900, as Tecited in the mortgage,
but only S2,70j. IN federation OF
this loan, the n,Crtgdser agreed 10 pay
eleven dollars aud sixteen cents per
week for $40 weeks, which amounts to
Sj,S03 20. BY paying sl1 10 per week
for go weeks the borrower will have
paid back the loan of $2,700 and the in
terest thereon, say SO, 124 so. He goes
on paying, however, for 2+0 weeks
longer, and gives to the Association
S2,67S 40 after he has paid back the
amount actually loaned him, and the
legal interest on the same. Judge
Pinkney says that sum (2,67S 40 stands
for excess ofinterest, and is equivalent
ty SO 2O-100 per cent on $1,000 for the
period of $50 weeks during which the
loan is being paid, or q 12-10O per cent
a year.-Inteltigencer.
We learn from the Washington
Chronicle ofanother important decision
in the case of Cook vs. The Republic
Saving and Building Association. In
the Equity Court of the District of CO.
lumbia, on Friday, IA verbal order was
passed by Judge Humphreys, for the
relief of the plaintiff. 1t appears that
Cook is membero of the above associa-
ton, and having borrowed about $500
from the funds, secured the same by a
deed of trust on his house, and failing
to meet his payments, the trust was
sought to be .foreclosed, as is usual in
such cases, by the sale ofthe property.
Now he comes to court and prays for
the issue ofan Injunction against the
association, and claiming that the fines,
dues, &c, have sweiled the original
amount to nearly 500.
The cosrt granted the prayer, saying
it was no time now to turn men out OF
doors, when business was so dull and
means of living so scarce; that the as
sociation possessed the deed of trust,
which would be as good to them a year
from now"as atthis time, and that they
could in no way be materially injured
by a little delay, which probably
would enable the piainfiff to nake'sa
isiactOEy arrangements.