Sumrall v. Commercial Building Trust's Assignee
Court of Appeals of Kentucky
Case 29 — LIQUIDATION OF BUILDING AND LOAN ASSOCIATION — APPEAL FROM JEFFERSON CIRCUIT COURT, COMMON FLEAS DIVISION. 1. Appellee corporation was organized under the present constitution, but prior to the passage of the corporation act of 1893, nearly all of the fully paid-up preferred stock now in existence being issued since the passage of said corporation act.
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Case 29 — LIQUIDATION OF BUILDING AND LOAN ASSOCIATION — APPEAL FROM JEFFERSON CIRCUIT COURT, COMMON FLEAS DIVISION. 1. Appellee corporation was organized under the present constitution, but prior to the passage of the corporation act of 1893, nearly all of the fully paid-up preferred stock now in existence being issued since the passage of said corporation act. Said corporation act provides that when preferred stock is issued by a corporation, it shall, on the dissolution, either voluntarily or involuntarily, be entitled to be redeemed at par before any distribution of the assets to the…
1Opinion of the CourtChief Justice Hazblrigg
The Commercial Building Trust is a’ corporation organized in February, 1892, under chapter 56 of the General Statutes. The general nature of its business was to “lend its money to its stockholders, especially with the view of aiding them to procure homes, and, in case of a surplus not needed by the stockholders, to other persons.” Articles of Incorporation, p. 8. The object of the corporation was “to afford its members a safe and profitable investment for their earnings, and an opportunity to obtain loans upon easy terms, to purchase homes, and establish themselves in business.” By-laws, p. 9.
2Cases cited5 opinions
- Lockhart v. Van AlstyneMichigan Supreme Court · 1875
- King v. International Building, Loan & Investment UnionIllinois Supreme Court · 1897
- Latimer v. Equitable Loan & Investment Co.U.S. Circuit Court for the District of Western Missouri · 1897
- Wierman v. International Building, Loan & Investment UnionAppellate Court of Illinois · 1897
- Trowbridge v. HamiltonWashington Supreme Court · 1898
3Cited by8 opinions
- Intermountain Building & Loan Ass'n v. GallegosCourt of Appeals for the Ninth Circuit · 1935
- North Texas Building & Loan Ass'n v. HayCourt of Appeals of Texas · 1900
- State Ex Rel. McCormack v. American Building & Loan Ass'nTennessee Supreme Court · 1941
- White v. WogamanArizona Supreme Court · 1936
- Globe Building & Loan Co.'s Assignee v. WoodCourt of Appeals of Kentucky · 1901
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