2 Fidelity Building & Savings Union v. No. 4 Fidelity Building & Savings Union
Indiana Court of Appeals
From Marion Superior Court; Vinson Garter, Judge. Action by No. 2 Fidelity Building and Savings Union against No. 4 Fidelity Building and Savings Union. From a judgment for defendant, plaintiff appeals.
1Opinion of the Court
Robv, L
Both parties are building and loan associations. Appellants purchased $37,216 of prepaid stock of the appellee association. Certificates were duly issued to it, and from November 1, 1892, when the first payment of $4,600 was made, until liquidation, no question as to the validity of the purchase or the relation of the parties was made. Appellee is now in voluntary liquidation. A sum in excess of $10,000 is on hand for distribution. Appellant claims that its attempted purchase of stock was ultra, vires, and beyond its power; that the transaction must be treated as a loan and the stock…
2Cases cited4 opinions
- Marion Trust Co. v. Trustees of Edwards LodgeIndiana Supreme Court · 1899
- Huter v. Union Trust Co.Indiana Supreme Court · 1899
- Boice v. RabbIndiana Court of Appeals · 1900
- Number Four Fidelity Building & Savings Union v. SmithIndiana Supreme Court · 1900