Stone v. Schiller Building & Loan Ass'n

Opinion by

Mr. Justice Kephart,

Schiller B. & L. Assn., one of the appellants, was incorporated in 1894 with a capital of $1,000,000. L. A. Lange was its executive secretary. December 1, 1909, his father, Christian Lange, subscribed for 325 shares of its stock, paying therefor $54,000 and taking title thereto in the joint names of himself and wife. Two months later it was discovered that Lange, the secretary, had misappropriated some $237,000 of the association’s money. The state banking department then directed liquidation of the affairs of the association. Lange, the secretary, to settle the…