Cohen v. Swink

This is a suit in equity to distribute the assets of an insolvent building and loan association known as the Definite Contract Building and Loan Association of the city of Norfolk, Virginia.

At this time there are no outside creditors except one whose claim is unliquidated and is not in issue in this proceeding. The contest here is between holders of certificates of membership which are sometimes otherwise designated as shares of stock, stock certificates, and the like, the various types differing in very essential and important particulars.

At an early period of the life of the association, a…