Vierling v. Mechanics' & Traders' Savings, etc. Ass'n
Illinois Supreme Court
Writ of Error to the Appellate Court for the First District;—heard in that court on appeal from the Circuit Court of Cook county; the Hon. Murray F. Tuley, Judge, presiding. This was a bill to foreclose two trust deeds given by Frank C. Vierling and Margaret Vierling, his wife, to the Mechanics’ and Traders’ Savings, Loan and Building Association of Chicago.
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Writ of Error to the Appellate Court for the First District;—heard in that court on appeal from the Circuit Court of Cook county; the Hon. Murray F. Tuley, Judge, presiding. This was a bill to foreclose two trust deeds given by Frank C. Vierling and Margaret Vierling, his wife, to the Mechanics’ and Traders’ Savings, Loan and Building Association of Chicago. The association was one commonly known as a “serial association,”—that is, it issued stock every three months in a new series, each series being distinguished by its number. A full description of associations of this character will be…
1Opinion of the CourtJustice Craig
The association was organized under the act of 1872. (Laws of 1871, p. 173.) Sections 1 and 2 of the by-laws of the association are as follows:
“Sec. 1. Every member who shall neglect to pay his or her installments at the time they may become due shall pay to the association a fine of ten cents per share for each installment past due.
“Sec. 2. Every borrowing member who shall neglect to pay the interest on his loan when the same may become due shall pay to the association a fine of twenty-five cents for each share of stock on which he may have obtained a loan.”
The plaintiff in error Vierling,…
2Cases cited1 opinion
- City of Chicago v. RumpffIllinois Supreme Court · 1867
3Cited by5 opinions
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- Devens v. Normal Park Loan Ass'nAppellate Court of Illinois · 1901
- Payson v. Iroquois Building & Loan Ass'nAppellate Court of Illinois · 1901