First Federal Savings & Loan Ass'n v. Elbert

The plaintiffs, First Federal Savings and Loan Association of Maywood and Martin W. Sheade, M.D., trustee of the associations retirement plan and trust, brought this action for declaratory judgment seeking a determination of the defendant Edgar M. Elbert’s claims for salary against the association and for retirement benefits against the trustee.

Indictments had been brought against Elbert in the United States District Court on February 28, 1969, charging that he had made false statements in connection with payouts by the association with respect to collection loan proceeds in violation of 18…