Colonial Building & Loan Ass'n v. Meyer

HALL, O. J.

On May 1, 1928, appellee Meyer and wife purchased 100 shares of stock in the appellant loan association, which it appears is a Utah corporation. It is stated in the application how payment for the stock should be made, and further: “It is agreed that I have a withdrawal privilege at any time after eighteen months from date hereof, if eighteen installments have been .paid thereon in the way and manner provided in pass book and the conditions on the back of the application.”

After seven monthly installments of $35 each had been paid, and after the lapse of sixteen months from the date…