Clarke v. Olson
North Dakota Supreme Court
Appeal from District Court, Barnes County; Glaspell, J. Action by M. C. Clarke, as receiver of the American Savings & Loan Association, against Mathias Olson and others. Judgment for plaintiff, and defendants appeal. Payments made upon stock that was pledged as collateral security for the payment of the loan does not constitute payment upon the loan. The purchasing of the stock and the borrowing of the money were distinct and separate transactions.
Read the full summary
Appeal from District Court, Barnes County; Glaspell, J. Action by M. C. Clarke, as receiver of the American Savings & Loan Association, against Mathias Olson and others. Judgment for plaintiff, and defendants appeal. Payments made upon stock that was pledged as collateral security for the payment of the loan does not constitute payment upon the loan. The purchasing of the stock and the borrowing of the money were distinct and separate transactions. Hale v. Cairns, 8 N. D. 145; Endlich Building Ass’n., Secs. 447, 448, 452, 478; Pioneer S. & L. Co. v. Cannon, 36 S. W. Rep. 386; Sappington v.…
1Opinion of the CourtBartholomew, C. J.
This action involves a foreclosure of a mortgage given to a building and loan association. It is the same association that was before us in the case of Hale v. Cairns, 8 N. D. 145, 77 N. W. Rep. 1010. The association is insolvent. Hale was the receiver appointed in Minnesota, which was the home of the corporation. The plaintiff in this case, Clarke, is the receiver appointed in Wisconsin; and he seeks to recover in this case upon an asset that was deposited by the association with the proper officers in Wisconsin under the laws of that state, which required a deposit as a condition upon which…
2Cases cited22 opinions
- National Bank v. MatthewsSupreme Court of the United States · 1879
- Whitney Arms Co. v. . BarlowNew York Court of Appeals · 1875
- State Board of Agriculture v. Citizens Street Railway Co.Indiana Supreme Court · 1874
- Darst v. GaleIllinois Supreme Court · 1876
- Kadish v. Garden City Equitable Loan & Building Ass'nIllinois Supreme Court · 1894
17 more not listed; retrieve them via the Exa API.
3Cited by6 opinions
- Tourtelot v. WhithedNorth Dakota Supreme Court · 1900
- City of Williston v. LudoweseNorth Dakota Supreme Court · 1926
- Lewis v. ClarkCourt of Appeals for the Ninth Circuit · 1904
- National Mercantile Co. v. MattsonUtah Supreme Court · 1914
- Williston v. LudoweseNorth Dakota Supreme Court · 1926
1 more not listed; retrieve them via the Exa API.