The Law Relating to Building And Loan Associations With Forms And Suggestions
The Law Relating to Building And Loan Associations With Forms And Suggestions
W W William Wheeler Thornton
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National 7 Seibel v. Victoria Building As- Building, Loan and Protective sociation, 48 Ohio St. 871 ; s. C. 2 Union, 42 Neb. 809; S. C. 60 N. W. N. E. Rep. 417. Rep. L019 ; North American Build- 198. DUES ON STOCK-rAYMENTS. 205 a payment to a stockholder's general account, an officer of the association cannot testify that such payments were con- sidered by it, in law, as payments on the stockholder's mortgage. 1 1 North American Building As- sociation v. Sutton, 35 Pa. St. 463. Of course a stoc...kholder, when applying his stock dues paid in to his mortgage, is not entitled to in- tei-est on such dues ; Citizens' Mu- tual Loan and Accumulating Fund Association v. Webster, 25 Barb. 263, unless the association has come to an end by reason of its in- solvency and the appointment of a receiver. In determining the period fixed by the by-laws or contract as the limit allowed before the whole debt becomes due, partial pay- ments of dues cannot be counted. Thus a member is deemed six months in arrear, notwithstanding a partial payment of dues in tin.
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