Supreme Court of Alabama November 15, 1900 (Interstate Building & Loan Ass'n v. Brown)

SHARPE, J.

It appears from the bill that the contracts. which are complained of as being usurious were made pursuant to by-laws of the defendant association, which required its borrowing members to pay in monthly installments interest eo nomine on loans at the rate of six per cent, per annum and also to pay monthly stated sums on stock subscribed for until the stock matured.