Bowman v. Foster & Logan Hardware Co.
U.S. Circuit Court for the District of Western Arkansas
This was a suit by the receiver of an insolvent building and loan association to foreclose a mortgage executed by one of its stockholders, in which, the receivers of a corporation which had become the owner of the mortgaged property, and was also insolvent, and certain subsequent lienholders and grantees, were made parties or intervened.
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This was a suit by the receiver of an insolvent building and loan association to foreclose a mortgage executed by one of its stockholders, in which, the receivers of a corporation which had become the owner of the mortgaged property, and was also insolvent, and certain subsequent lienholders and grantees, were made parties or intervened. The Southern Building & Loan Association, of Knoxville, Tenn., is a corporation chartered under the laws of that state, and is what is known as a building and loan association. J. A. Bowman is an ancillary receiver, appointed by. this court; the corporation…
1Opinion of the Court
ROGERS, District Judge.
It is contended that, in subscribing for stock in'the plaintiff building and loan association the Foster & Logan Hardware Company exceeded its charter powers, and the act was therefore ultra vires and void. Cases are found to that effect. Franklin Co. v. Lewiston Inst. for Savings, 28 Am. Rep. 9, and cases cited in note on page 15; End. Bldg. Ass’ns, § 323. Whether it be true that an ordinary corporation, authorized by its charter to do a general merchandise business, can become a shareholder in a building and loan association, in order to borrow money to carry on its…
2Cases cited17 opinions
- Central Transportation Co. v. Pullman's Palace Car Co.Supreme Court of the United States · 1891
- Hitchcock v. GalvestonSupreme Court of the United States · 1878
- Whitney Arms Co. v. . BarlowNew York Court of Appeals · 1875
- Pullman's Palace Car Co. v. Central Transportation Co.Supreme Court of the United States · 1898
- Railroad Co. v. EllermanSupreme Court of the United States · 1882
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3Cited by2 opinions
- United States Sayings & Loan Co. v. Convent of St. RoseCourt of Appeals for the Ninth Circuit · 1904
- United States Sayings & Loan Co. v. Convent of St. RoseCourt of Appeals for the Ninth Circuit · 1904