Schwabe v. American Rural Credits Ass'n

The plaintiffs subscribed for stock in the defendant American Rural Credits Association, a Delaware corpo*47ration, organized for the pnrpose of engagingin the mortgage loan business on the amortization plan, similar to that of federal land banks, and gave their note therefor in the sum of $1,400, which note was sold to the Citizens State Bank of Chadron. Later the bank recovered a judgment for $1,550.26 on the note, which judgment the plaintiffs paid. Shortly afterwards the association ceased to do business in this state. Thereupon plaintiffs brought suit against the association in Dawes…