Finley v. Union Joint Stock Land Bank

This is a suit in chancery instituted by plaintiffs as liquidating trustees of the Union Guardian Trust Company, formerly the Union Trust Company, against the defendant, Union Joint Stock Land Bank of Detroit, to charge defendant with liability for certain advances made by the trust company to the Central States Investment Corporation, a Michigan corporation. The Union Joint Stock Land Bank is a corporation organized under the Federal Farm Loan Act (12 USCA, chap. 7, § 811). Under the above act the corporation is forbidden to make loans except on first mortgages on farm lands. 12 USCA, chap.…