State ex rel. Gray v. Phoenix Loan Ass'n
Missouri Court of Appeals
Appeal from the Buchanan Circuit Court. — Hon. A. M. ■ Woodson, Judge. (1) The certificate is but an obligation to pay and its holder but a creditor of the association is too plain for argument. Cook v. B. & L. Ass’n, 30 S. E. Rep. 911; Grohmann v. Brown, 68 Mo. App. 630; Dickenson v. Trust Co., 52 N. T. S. 672. (2) Upon its face it is but a promissory note. It contains every element of a promissory note.
Read the full summary
Appeal from the Buchanan Circuit Court. — Hon. A. M. ■ Woodson, Judge. (1) The certificate is but an obligation to pay and its holder but a creditor of the association is too plain for argument. Cook v. B. & L. Ass’n, 30 S. E. Rep. 911; Grohmann v. Brown, 68 Mo. App. 630; Dickenson v. Trust Co., 52 N. T. S. 672. (2) Upon its face it is but a promissory note. It contains every element of a promissory note. It has not a single element of capital stock of a building and loan association. Norton on Bills and Notes, sec. 13; Edwards on Bills and Notes, sec. 131; Daniel on Neg. Instr., sec. 28. (1)…
1Opinion of the CourtSmith, P. J.
The Phoenix Loan Association was organized under our statute, but is insolvent and in the hands of receivers. The circuit court appointed a referee to adjust the demands against the defunct. The intervenor, Searpaei, presented to the referee for allowance the following written instrument.
“No. 444.
“This is to certify that Mary Catalana is entitled to shares of series B of the capital stock of the Phoenix Loan Association of St. Joseph, Missouri, on which there has been paid by him the sum of one thousand dollars ($1,000). The holder of this certificate is entitled to interest on said sum from…
2Cases cited1 opinion
- Grohmann v. BrownMissouri Court of Appeals · 1897
3Cited by3 opinions
- In re the Receivership of National Building Loan & Provident Ass'nCourt of Chancery of Delaware · 1919
- Barrymore v. KempCourt of Appeals for the Ninth Circuit · 1934
- Cohen v. SwinkSupreme Court of Virginia · 1939