Frederick v. Lyons

These appeals are from dismissals of petitions to require receivers of a building association, now insolvent, to allow in full, prior to any distribution to ordinary shareholders, money paid for shares pledged to the association for additional security on loans to borrowers. There are no facts in dispute.

The association was an ordinary homestead association, and had the usual free or unredeemed shares, of a par value of $100 each, and the redeemed shares, on which that par value had been loaned to members borrowing on mortgages. Code, art. 23, secs. 161 to 171 (as amended) ; Watson v. Loan &…