People's Building & Loan Ass'n v. Billing

This is a proceeding to foreclose a mortgage given by defendants to complainant to secure a loan of money made to defendant John W. Billing, who was at the time of making the loan a member of the complainant association.2 The property mortgaged was real estate owned by defendants as tenants in the entirety. The application for the loan was made in the usual way. *189The face of the loan was $1,500. The premium paid was 37 per cent., so that defendant John W. Billing received but $1,049.07. The loan was secured by a joint bond executed by the two defendants, by the mortgage upon the property in…