National Bldg. & Loan Ass'n v. Bybee
| Decision Date | 24 November 1899 |
| Parties | NATIONAL BUILDING & LOAN ASS'N v. BYBEE. [1] |
| Court | Kentucky Court of Appeals |
Appeal from circuit court, Barren county.
"Not to be officially reported."
Action by Nannie E. Bybee against the National Building & Loan Association to recover usury paid. Judgment for plaintiff and defendant appeals. Affirmed.
W. L Porter, for appellant.
Baird & Sturgeon, for appellee.
It is alleged in the petition that the appellee, Nannie E. Bybee in March, 1890, became a member of the local board of appellant, and subscribed and paid for 10 shares of stock in said corporation, of $100 each, which were issued to her that under the rules of appellant she was compelled to pay $10 membership fee, and was by appellant required to pay on each share of stock 60 cents dues per month, which she did pay, amounting to $6 per month, until the 1st day of October, 1890, at which time she borrowed from appellant the sum of $1,000, and executed her note therefor, in which she agreed, in consideration of the sum aforesaid, loaned to her, and of her subscription to the stock of said association in said sum of $1,000, to pay appellant on or before the last day of each month the sum of $6 dues on said subscription and $5 interest, and $3.50 premium on said sum until such time as the monthly payments on said stock and the dividends accruing on same shall be equal to the amount of her loan, at which time her note shall be deemed paid; that, in order to secure the payment of said sum, appellee and her husband executed a mortgage to appellant on certain real estate; that she paid the sums agreed and promised at the end of each month from the date of execution of said mortgage until February 17, 1897, when she paid off in full her said note, and appellant released said mortgage by her surrendering her 10 shares of stock in said company; that for the loan and forbearance of said $1,000 for said time she paid the sum of $517.30; that all of said sums exceeding 6 per cent. interest is usurious, and ought not to have been collected; that appellant was entitled to collect from her on February 17, 1897, only the $1,000, with 6 per cent. interest from October 1, 1890, subject to the credit of $10, and dues on her subscription from March, 1890, until February 17, 1897, and the further credits paid by her in the way of interest and premium from October 1, 1890, to date of payment; that the whole amount paid by her was $1,507.90, when in fact she only owed $1,182.62; that she ought to recover of appellant $325.28. The first paragraph of the answer may be treated as a denial of the averments of the petition that appellant had received usurious interest at least in excess of $54.65. The second paragraph claims that appellee should have paid 15 cents per share per...
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