Security Loan Ass'n v. Lake
Supreme Court of Alabama
Appeal from Mobile Chancery Court. Heard before Hon. John A. Foster. The bill in this cause was filed by Thomas II. Lake against The Security Loan Association, a corporation, and Leslie E. Brooks; and the case made thereby is substantially as follows : The defendant corporation was organized in 1873, under the Code, as a building and loan association, the capital stock of which was divided into shares of $100 each.
Read the full summary
Appeal from Mobile Chancery Court. Heard before Hon. John A. Foster. The bill in this cause was filed by Thomas II. Lake against The Security Loan Association, a corporation, and Leslie E. Brooks; and the case made thereby is substantially as follows : The defendant corporation was organized in 1873, under the Code, as a building and loan association, the capital stock of which was divided into shares of $100 each. In April, 1876, the complainant, Lake, being the owner of twenty-five shares of the stock of said corporation, upon which nothing was then due, applied for and obtained a loan or…
1Opinion of the Court
STONE, J.-
The bill in this case was filed by Lake, the *460mortgagor, to redeem real estate from under a mortgage, executed in 1876. The mortgagor is in possession, and a difference has arisen between him and the mortgagee, as to the amount •due on the mortgage. The mortgagor avers that the sum due is only about four hundred dollars, but that he offered to pay five hundred dollars, which was refused by the mortgagee. The mortgage creates a trustee, and contains a power of sale, under which the property has been advertised, and will be sold, unless restrained by injunction. An injunction was…
2Cases cited13 opinions
- Rogers v. TorbutSupreme Court of Alabama · 1877
- Munter & Faber v. LinnSupreme Court of Alabama · 1878
- New-Orleans Gas Light & Banking Co. v. DudleyNew York Court of Chancery · 1840
- Vaughan v. MarableSupreme Court of Alabama · 1879
- Kornegay v. . SpicerSupreme Court of North Carolina · 1877
8 more not listed; retrieve them via the Exa API.
3Cited by34 opinions
- Vermont Loan & Trust Co. v. WhithedNorth Dakota Supreme Court · 1891
- Harmon v. Dothan Nat. BankSupreme Court of Alabama · 1914
- Woodall v. Kelly & Co.Supreme Court of Alabama · 1888
- Carroll v. HendersonSupreme Court of Alabama · 1915
- Julien v. Model Building, Loan & Investment Ass'nWisconsin Supreme Court · 1902
29 more not listed; retrieve them via the Exa API.