Eagles B. L. Assn. v. Fiducia

In 1926, the defendant Joseph Fiducia subscribed to five installment shares of the complainant building and loan association, to be issued in the name of "Joseph Fiducia, trustee for Natalie Fiducia." Natalie was his five-year-old daughter. The shares were issued accordingly and Joseph, or his wife, made the initial payment of $10.25 and periodic payments thereafter until maturity. The pass book and stock certificate have always been in the possession of the parents, or one of them. The association voluntarily dissolved in 1942 when the shares had a book value of $1,026. The liquidating…