Woodward v. Nelligan
Court of Appeals for the D.C. Circuit
Hearing on an appeal by the defendants from a decree of the Supreme Court of the District of Columbia granting the relief sought, in a suit in equity, for the release of a deed of trust. The Court in the opinion stated the case as follows: This is a suit by the heirs-at-law of David Nelligan, deceased, to compel the release of a deed of trust executed by said Nelligan to secure a loan from the Second Working Men’s Building Association of the District of Columbia.
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Hearing on an appeal by the defendants from a decree of the Supreme Court of the District of Columbia granting the relief sought, in a suit in equity, for the release of a deed of trust. The Court in the opinion stated the case as follows: This is a suit by the heirs-at-law of David Nelligan, deceased, to compel the release of a deed of trust executed by said Nelligan to secure a loan from the Second Working Men’s Building Association of the District of Columbia. The defendants in the bill are the two trustees in said instrument, and the president, treasurer, and directors of the said…
1Opinion of the CourtJustice Shepard
Our conclusion from the foregoing facts agrees with that of the learned justice who presided at the hearing in the special term of the equity court.
It must be borne in mind that the association was not an incorporated institution with powers defined in a charter granted by, or under the authority of the government. It was an association formed by the agreement of certain persons embodied in articles called by them a constitution. The result was the formation of a partnership of a peculiar character, the managing pai'tners being styled directors. The general partners, called stockholders, came…
2Cases cited4 opinions
- Leather Manufacturers' Bank v. MorganSupreme Court of the United States · 1886
- Chicago Building Society v. CrowellIllinois Supreme Court · 1872
- Prairie State Loan & Building Ass'n v. NublingIllinois Supreme Court · 1897
- Van Wagenen v. Genesee Falls Permanent Savings & Loan Ass'nNew York Supreme Court · 1895