Sheldon v. Birmingham Building & Loan Ass'n
Supreme Court of Alabama
Appeal from the Chancery Court of Jefferson. Heard before the Hon. Thos. Cobbs. Esther Sheldon by next friend brought this' suit against the Birmingham .Building & Loan Association, a corporation, for an accounting and, for the settlement of all matters between the parties growing out of loans made by the company to complainant, and for the cancellation of mortgages executed to secure said loan.
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Appeal from the Chancery Court of Jefferson. Heard before the Hon. Thos. Cobbs. Esther Sheldon by next friend brought this' suit against the Birmingham .Building & Loan Association, a corporation, for an accounting and, for the settlement of all matters between the parties growing out of loans made by the company to complainant, and for the cancellation of mortgages executed to secure said loan. The bill alleges that the complainant borrowed on two separate occasions sums of mohey from the company; that the company charged her a premium as a condition for making each loan and deducted it from…
1Opinion of the CourtSharpe, J.
— The general statutes contained in the Code of 1876 when the defendant corporation was organized and existing in the Code of 1886 when this transaction arose, set forth and define the powers of build'ing and loan associations.' In such respect they differ from those statutes relating to some other incorpora-tions which leave the purpose and plan of the body incorporated to be declared by a writing filed. As a grant and also as a limitation of power they have effect as if embodied in a special charter leaving unexpressed only the implied authority to do the acts in furtherance' of the objects…
2Cases cited6 opinions
- Security Loan Ass'n v. LakeSupreme Court of Alabama · 1881
- Moore v. CordWisconsin Supreme Court · 1861
- Grangers' Life & Health Insurance v. HamperSupreme Court of Alabama · 1882
- Southern Building & Loan Ass'n v. Anniston Loan & Trust Co.Supreme Court of Alabama · 1893
- Montgomery Mutual Building & Loan Ass'n v. RobinsonSupreme Court of Alabama · 1881
1 more not listed; retrieve them via the Exa API.
3Cited by13 opinions
- Pioneer Savings & Loan Co. v. NonnemacherSupreme Court of Alabama · 1900
- Johnson v. National Building & Loan Ass'nSupreme Court of Alabama · 1899
- Midland Savings & Loan Co. v. HendersonSupreme Court of Oklahoma · 1915
- National Building & Loan Ass'n v. BallardSupreme Court of Alabama · 1899
- Farmers Saving's & Building & Loan Ass'n v. Kent & SabotkaSupreme Court of Alabama · 1901
8 more not listed; retrieve them via the Exa API.