Crawford v. New Spartan Building & Loan Ass'n

Opinion bt

Trexler, P. J.,

On July 2, 1932, J. Carlisle Crawford applied to the Spartan Building & Loan Association for a loan of $2,500 and offered as security a bond and mortgage on certain premises and further to assign twelve and a half shares of stock in the association as collateral security for the payment of the principal sum secured by the bond and mortgage. In the application it was said:

“If this loan is granted the said association shall and will appropriate the value of said stock for and toward the payment and reduction of the principal sum of said bond and mortgage debt.”

Said…