llows: Where a corporation has
become localized in a State and has accepted the laws of the State as a
condition of doing business there, it cannot abrogate those laws by
attempting to make contract stipulations, and there is no violation of
the full faith and credit clause in instructing a jury to find according
to local law notwithstanding a clause in a contract that it should be
construed according to the laws of another State.

Thus, when a Mississippi borrower, having repaid a mortgage loan to a
New York building and loan association, sued in a Mississippi court to
recover, as usurious, certain charges collected by the association, the
usury law of Mississippi rather than that of New York was held to
control. In this case, the loan contract, which was negotiated in
Mississippi subject to approval by the New York office, did not
expressly state that it was governed by New York law.[114] Similarly,
when the New York Life Insurance Company, which had expressly stated in
its application and policy forms that they would be controlled by New
York law, was sued in Missouri on a policy sold to a resident thereof,
the court of that State was sustained in its application of Missouri
rather than New York law.[115] Also, in an action in a federal court in
Texas to collect the amount of a life insurance policy which had been
made in New York and later changed by instruments assigning beneficial
interest, it was held that questions: (1) whether the contract remained
one governed by the law of New York with respect to rights of assignees,
rather than by the law of Texas, (2) whether the public policy of Texas
permits recovery by one named beneficiary who has no beneficial interest
in the life of the insured, and (3) whether lack of insurable interest
becomes material when the insurer acknowledges liability and pays the
money into court, were questions of Texas law, to be decided according
to Texas decisions.[116]

Consistent with the latter holdings are the following two involving
mutual insurance companies. In Pink _v._ A.A.A. Highway Express,[117]
the New York insurance commissioner, as a statutory liquidator of an
insolvent auto mutual company organized in New York sued resident
Georgia policyholders in a Georgia court to recover assessments alleged
to be due by virtue of their membership in it. The Supreme Court held
that, although by the law of the State of incorporation, policyholders
of a mutual insurance company become m