Hale v. Phillips
Supreme Court of Arkansas
Appeal from Sebastian Circuit Court in Chancery, Styles W. Rowe, Judge. STATEMENT BY THE COURT. The facts in this case are correctly stated in appellant’s brief as follows: “The American Building & Loan Association was a Minnesota corporation, duly organized under the laws of the state of Minnesota to do a building and loan business. Its name was afterwards duly changed to the American Savings & Loan Association.
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Appeal from Sebastian Circuit Court in Chancery, Styles W. Rowe, Judge. STATEMENT BY THE COURT. The facts in this case are correctly stated in appellant’s brief as follows: “The American Building & Loan Association was a Minnesota corporation, duly organized under the laws of the state of Minnesota to do a building and loan business. Its name was afterwards duly changed to the American Savings & Loan Association. “The laws of Minnesota provide that premiums taken for loans by a building and loan corporation should not be treated as interest, nor render such association amenable to the laws…
1Opinion of the Court
Battle, J.,
(after stating the facts.) “Mutuality,” it has been said, “is the essential principle of a building association.” Its principal object is to raise a fund to advance to those of its members who may desire to borrow money. For this purpose each member subscribes for the number of shares in its stock he desires, and at stated times and short intervals pays upon the same small sums of moAey, called dues. He continues these payments until they, with the profits derived from other sources, after the deduction of expenses and losses, equal the face value of the stock, when the stock is…
2Cases cited4 opinions
- Knutson v. Northwestern Loan & Building Ass'nSupreme Court of Minnesota · 1897
- Wohlford v. Citizens' Building, Loan & Savings Ass'nIndiana Supreme Court · 1895
- Phelps v. American Savings & Loan Ass'nMichigan Supreme Court · 1899
- Roberts v. American Building & Loan Ass'nSupreme Court of Arkansas · 1896
3Cited by10 opinions
- Spinney v. MillerSupreme Court of Iowa · 1901
- Smith v. Bath Loan & Building Ass'nSupreme Judicial Court of Maine · 1927
- Taylor v. ClarkSupreme Court of Arkansas · 1905
- Lacefield v. TaylorSupreme Court of Arkansas · 1932
- Courtney v. ReapSupreme Court of Arkansas · 1931
5 more not listed; retrieve them via the Exa API.