EN BANC
[G.R. No. 29077. October 27, 1928. ]
JUAN DE ROTAECHE, Plaintiff-Appellant, v. "LA URBANA," Mutual Building and Loan Association, Defendant-Appellee.
Eiguren & Razon for Appellant.
Alfredo Chicote and Jose Arnaiz for Appellee.
SYLLABUS
1. CORPORATION LAW; BUILDING AND LOAN ASSOCIATIONS; PREMIUMS. — Section 181 of the Corporation Law (Act No. 1459) allows mutual building and loan associations two ways of collecting the premiums for the sum loaned: The first, by deducting them from the amount of the loan, and the second, by deducting the proportion prescribed by the by-laws of the association. It was so held by this court in the case of Lopez and Javelona v. El Hogar Filipino (47 Phil., 249).
2. ID.; ID.; ID. — Of the two ways of collecting the premiums provided in said Corporation Law, Act No. 3291 (amending the Usury Law) deals only with the second, that is, the case of charging "a premium the percentage of which shall be fixed from time to time by their boards of directors." This last law does not prohibit the first way of collecting the premiums and therefore, the power conferred by the Corporation Law on such societies to deduct them all from the amount of the loan subsists.
3. ID.; ID.; ID. — The phrase "computado por anualidades" (computed in annual payments) appearing in section 1 of Act No. 3291 has not and cannot have the effect of prohibiting or abrogating the first way referred to of collecting the premiums authorized by the Corporation Law, and is not alluded to either directly or indirectly, expressly or by implication, in any part of said section 1 of Act No. 3291, except with respect to the limit of the amount of the premium.
2. ID.; ID.; ID. — Of the two ways of collecting the premiums provided in said Corporation Law, Act No. 3291 (amending the Usury Law) deals only with the second, that is, the case of charging "a premium the percentage of which shall be fixed from time to time by their boards of directors." This last law does not prohibit the first way of collecting the premiums and therefore, the power conferred by the Corporation Law on such societies to deduct them all from the amount of the loan subsists.
3. ID.; ID.; ID. — The phrase "computado por anualidades" (computed in annual payments) appearing in section 1 of Act No. 3291 has not and cannot have the effect of prohibiting or abrogating the first way referred to of collecting the premiums authorized by the Corporation Law, and is not alluded to either directly or indirectly, expressly or by implication, in any part of said section 1 of Act No. 3291, except with respect to the limit of the amount of the premium.
D E C I S I O N
ROMUALDEZ, J.:
The plaintiff being a common-stock holder of the defendant, applied for and obtained from the same a loan of P7,000 for ten years, executing the proper mortgage deed, acknowledging an indebtedness to defendant of P8,050, of which P7,000 represents the loan obtained, and the P1,050, the 15 per cent premium for the ten years fixed by the board of directors of the defendant.
The plaintiff, however, does not consider himself bound to pay the premium for the whole ten years, but only for one year, that is, the sum of P150. Hence, of the P1,050 which he paid for premiums, he claims the sum of P900 in this action which is the premium for nine years at the rate of 1
The plaintiff, however, does not consider himself bound to pay the premium for the whole ten years, but only for one year, that is, the sum of P150. Hence, of the P1,050 which he paid for premiums, he claims the sum of P900 in this action which is the premium for nine years at the rate of 1
