Building and Loan Association v. Lane

HENRY, Associate Justice.

It appears that E. D. Lane subscribed for ten shares of stock in the appellant corporation, which he was to pay for at the rate of $10 per month. In July, 1883, he borrowed from the corporation the sum of $1300, for which he executed his note for $2000, payable on the 1st day of January, 1890, with interest on the last named sum at the rate of 10 per cent per annum, payable monthly; and to secure the payment of the note Lane deposited with the corporation certain securities to be held by it and disposed of for that purpose, and executed a mechanic’s lien.…