Towle v. American Building & Loan Ass'n
U.S. Circuit Court for the Northern District of Illnois
In Equity. On objections to petitions in intervention. Suit by Marcus M. Towle against the American Building & Loan Association to wind up live association. A receiver having been appointed, petitions in intervention were filed by parties holding' certificates of full-paid stock.
1Opinion of the CourtGrosscup, District Judge
(orally). The American Building & Loan Association, whose affairs arc in this court for administration under a receivership, is the ordinary building and loan association under the laws of Illinois. Under its plan of operation the members of the association pay into the common fund each month a certain stipulated amount, which fund is at intervals loaned to such as bid the highest premium for the privileges of the loan. The life of the association is expected to be seven or eight years, at which time, ordinarily, the cumulations from premiums, fines, and interest will pay out the lull amount…
2Cited by8 opinions
- Lacey v. State Banking BoardTexas Supreme Court · 1928
- Latimer v. Equitable Loan & Investment Co.U.S. Circuit Court for the District of Western Missouri · 1897
- Phelps v. American Savings & Loan Ass'nMichigan Supreme Court · 1899
- Abrahams v. MedlicottSupreme Court of Kansas · 1911
- In re Youths' Temple of HonorSupreme Court of Minnesota · 1898
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