Knutson v. Northwestern Loan & Building Ass'n
Supreme Court of Minnesota
Appeal by Annie g. Peterson and others from an order of the district court for Hennepin county, Jamison, J. gee Waverly M. & P. L. L. & B. Assn. v. Buck, 64 Md. 338, 1 Atl. 561; Windsor v. Bandel, 40 Md. 172; Buist v. Bryan, 44 S. C. 121, 21 S. E. 537; Low St. Bldg. Assn. v. Zucker, 48 Md. 449. The appellants cite Maryland and gouth Carolina decisions to the effect that they should be credited with their stock payments.
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Appeal by Annie g. Peterson and others from an order of the district court for Hennepin county, Jamison, J. gee Waverly M. & P. L. L. & B. Assn. v. Buck, 64 Md. 338, 1 Atl. 561; Windsor v. Bandel, 40 Md. 172; Buist v. Bryan, 44 S. C. 121, 21 S. E. 537; Low St. Bldg. Assn. v. Zucker, 48 Md. 449. The appellants cite Maryland and gouth Carolina decisions to the effect that they should be credited with their stock payments. These decisions treat the borrowing member and the insolvent association as strangers, and the transaction of borrowing as a naked loan. These states hold such loans usurious…
1Opinion of the CourtCanty, J.
The Northwestern Loan & Building Association, a corporation, was organized as a building and loan association. It *203became insolvent, in tlie sense that its assets had depreciated, and it would not be able to mature its stock, and a receiver was appointed to wind it up. One McLaughlin, a borrowing member, made a proposition of settlement. The receiver submitted such proposition to the court, and asked for instructions as to how he should settle with McLaughlin and all other borrowing members. The court, on proper notice, made an order instructing the receiver to accept McLaughlin’s proposition,…
2Cases cited2 opinions
- Strohen v. Franklin Saving Fund & Loan Ass'n ex rel. McKinleySupreme Court of Pennsylvania · 1887
- Towle v. American Bldg., Loan & Inv. Soc.District Court, N.D. Illinois · 1894
3Cited by27 opinions
- Green v. National Advertising & Amusement Co.Supreme Court of Minnesota · 1917
- Sjoberg v. Security Savings & Loan Ass'nSupreme Court of Minnesota · 1898
- Southwestern Surety Ins. Co v. DavisSupreme Court of Oklahoma · 1915
- Thwing v. McDonaldSupreme Court of Minnesota · 1916
- Spinney v. MillerSupreme Court of Iowa · 1901
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