53 S.C. 73 | S.C. | 1898
The opinion of the Court was delivered by
The facts out of which this action arose are set forth in the decree of the Circuit Judge. The first question which will be considered is whether the contract is to be construed by the laws of Georgia or South Carolina. In the certificate of shares which the defendant holds in the said association are the following provisions: “This certificate is issued and accepted by the stockholders upon the following express terms and conditions: 1st. The stockholder agrees to pay this association sixty cents per month, on the first of each month, for each share held, until such share matures or is withdrawn. 2d. All moneys due from the stockholder to the association, and due from the association to the stockholder, shall be due and payable at the home office, Atlanta, Ga.; provided, however, that payments may be made to a local treasurer for transmission to the home office. In such case, the local treasurer will be deemed the agent of the local stockholder and not of the association, and payments will be credited to stockholders only after receipt at the home office.” The following is a regulation of the association as to loans: “The funds of the association will be loaned only to members. Roans must
Having reached these conclusions upon the two questions which we have considered, it becomes unnecessary to consider the other exceptions, as the questions raised by them are merely speculative.
It is the judgment of this Court, that the judgment of the Circuit Court be affirmed.