Smith v. . the Mechanics' Bldg. and Loan Assoc.

The following are the material facts relating to the question raised at this stage of the proceedings and decided at this term of the Court:

The plaintiff in September, 1869, subscribed for fifteen shares of stock in the defendant Association. On the 6th of October following, he obtained, by way of loan as he alleges, from the Association the sum of $1,366, by having ten shares of his stock redeemed, (as it is technically expressed in the transaction of the Association,) at $91.60 per share, and five other shares redeemed at $90 per share. To secure the payment of this amount of $1,366, he and…