45 W. Va. 37 | W. Va. | 1898
The appellee in this case, Elvira B. Archer, was a member of the appellant Baltimore Building & Loan Association, holding fifty shares of stock, of the par value of five thousand dollars. She borrowed on said shares the full par value thereof, to wit, five thousand dollars, which she received in cash, and to secure the same executed her bond and a deed of trust on certain property, enforceable on her failure to pay the premiums, interest, dues, and other chai'ges according to the by-laws of the association. Appellee paid into the treasury of the association at various times the sum of four hundred and fifty dollars, but neglected all further payments as provided in the by-laws, when, her rights becoming forfeited, the trustee was directed to make sale of the property given in security. At this time the association claimed the amount due to be five thousand four hundred and forty-four dollars and eighty-two cents, while the appellee insisted the true amount to be five thousand and twentyrfive dollars, and obtained an injunction to restrain the sale until the true amount of the indebtedness was ascertained and determined. After the pleadings were made up, the circuit court referred the case to a commissioner to ascertain the true amount due. He reported it to be five thousand one hundred and sixty-two dollars and eighty-one cents. The appellant excepted, but the court over
1. Did the commissioner err in not compounding the interest monthly because payable monthly? This is not insisted on in the argument, but the commissioner’s report is apparently conceded to be correct in so far as it relates thereto. It is certainly in accordance with the law of this State. While the interest was payable monthly, it could not be compounded on failure of payment. Genin v. Ingersoll, 11 W. Va., 549; Craig v. McCulloch, 20 W. Va., 148; Stansbury's Adm'r v. Stansbury, 24 W. Va., 634; Reger v. O'Neal, 33 W. Va., 159, (10 S. E. 375).
2. Did the commissioner err in not charging Mrs. Arch, er premium at the rate of fifty cents per share per month? And this is the sole matter of importance presented for our consideration. The first payment of premium was allowed the association, and for which Mrs. Archer was not given credit on the sum due. All other premium charges were disallowed, not apparently because they were contrary to law, but for the reason that they were not authorized by the by-law of the association in relation thereto. The by-law in relation thereto is as follows, to wit:
“Section 1. The funds of this corporation which belong-to the loan fund shall be loaned to the member paying fifty cents per share premium therefor, in addition to the stipulated six per cent, per annum interest, upon such terms and security as the board of directors may from time to time approve.”
Admitting the contract of Mrs. Archer to be a Mary
Reversed.