Owosso Masonic Temple Ass'n v. State Savings Bank

A Masonic temple was built in Owosso and mortgaged to the Grand Rapids Trust Company for $40,000. There were unpaid bills aggregating approximately $5,000. The owners of the temple desired to install an elevator therein. A Masonic Temple Association was formed, and in 1929 conducted an intensive campaign to clear the Masonic temple of indebtedness. Members of the several Masonic fraternities were asked to subscribe for bonds of the par value of $200 each, payable at the death of the owner, at $185, with 10 per cent, discount on all installments paid when due. ' The plan provided the money…