Wise Bros. v. Yazoo Building & Loan Ass'n
Mississippi Supreme Court
Appeal from tlie chancery court of Yazoo county. HoN. H. Gr. Lyell, Chancellor. Suit by Wise Brothers and others against the Yazoo Building & Loan Association. From a decree for plaintiff, defendant appeals. The facts are fully stated on the opinion of the court. On hearing of this case before the chancellor our friends contended that cash was the very lifeblood of a building.and loan association.
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Appeal from tlie chancery court of Yazoo county. HoN. H. Gr. Lyell, Chancellor. Suit by Wise Brothers and others against the Yazoo Building & Loan Association. From a decree for plaintiff, defendant appeals. The facts are fully stated on the opinion of the court. On hearing of this case before the chancellor our friends contended that cash was the very lifeblood of a building.and loan association. Lea, v. Gutrer, 51 So. 808, was a case where the capital stock of a bank had been paid for, not in money, but in property and services. The charter of the corporation provided that the stock “may be…
1Opinion of the CourtCook, J.
The Yazoo Building & Loan Association was organized under the laws of the state to transact the business of a building and loan association, and was authorized to issue to its stockholders two kinds of stock — monthly payment stock and paid-up stock. The monthly payment stock was paid for by paying on its issuance fifty cents per share and fifty cents per month until the aggregate paid, plus the earnings, equaled one hundred dollars. To secure paid-up stock it was necessary to pay fifty dollars per share, and when the earnings, added to the amount paid, amounted to one hundred dollars per…
2Cases cited1 opinion
- Bohn v. Boone Building & Loan Ass'nSupreme Court of Iowa · 1907
3Cited by4 opinions
- Home Bldg. Savings Association v. ClaySupreme Court of Arkansas · 1934
- Smith v. Oklahoma City Bldg. & Loan Ass'nSupreme Court of Oklahoma · 1936
- Woods v. Wichita Falls Building & Loan Ass'nCourt of Appeals of Texas · 1933
- Woods v. Wichita Falls Building & Loan Ass'nCourt of Appeals of Texas · 1933