102 Ga. 126 | Ga. | 1897
This case was tried' before the judge of the city court of Macon, without a jury; and he found for the plaintiff. Upon defendants’ motion for a new trial being overruled, they excepted. The only point relied upon here is that the contract sued on was usurious.
The defendants below (plaintiffs in error here) contend that they never held any stock in, and therefore were never members of, the Georgia State Building & Loan Association, and, even if they had been members, that in making the loan to them the association had violated its by-law prohibiting loans to members who had not been such for as long as ninety days. Membership in building and loan associations is acquired in the same manner by which membership is acquired in other corporations—by becoming the holder of stock. There was evidence showing that the plaintiff association issued stock to the defendants, and that the defendants subsequently transferred such stock to the association to secure the loan. Furthermore, it appeared that the bond and deed which defendants gave to the association recited that defendants were stockholders thereof. Under this evidence, the judge, acting also as jury, was authorized to find that defendants were members of the association, even if they were not, under the circumstances, estopped from denying their membership. As to estoppel, see Civil Code, §5150; McCleskey v. Leadbetter, 1 Kelly, 557; Thrower v. Wood, 53 Ga. 468; Enlich on Building Associations, §60. The purpose of defendants in becoming members was immaterial. They might legitimately have become members for the mere purpose, and at the time, of obtaining the loan. Ottawa Association v. Freeman, 114 Ill. 182. From the evidence the facts seem to be, substantially, that defendants went to the association for the purpose of borrowing money; they were informed that no money could be loaned except to members and in accordance with the by
Let the judgment of the court below be affirmed.