Prewitt v. Estate Building & Loan Ass'n

Opinion op the Court by

Stanley, Commissioner,

—Affirming.

In January, 1935, the appellants, O. M. Prewitt a|nd his wife, together, bought 200 shares of stock in the Estate Building & Loan Association of the par value of $100 a share. In June, 1937, Prewitt bought an additional 72 shares. They paid $5 a share for the stock, and by their contract agreed to pay $100 per share additional in installments of not less than 50 cents per month or by cash in full at their option. This is in accordance with the usual plan of saving through the facilities of such institutions. The application stipulated:

“I…