Phelps v. American Savings & Loan Ass'n
Michigan Supreme Court
Appeal from Kalkaska; Aldrich, J. Bill by Cassius M. Phelps against the American Savings & Loan Association and William D. Hale, receiver, for the rescission of a contract and the cancellation of a mortgage. Defendant Hale filed an answer in the nature of a cross-bill, asking for an accounting and foreclosure. Prom a decree for complainant, defendant Hale appeals.
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Appeal from Kalkaska; Aldrich, J. Bill by Cassius M. Phelps against the American Savings & Loan Association and William D. Hale, receiver, for the rescission of a contract and the cancellation of a mortgage. Defendant Hale filed an answer in the nature of a cross-bill, asking for an accounting and foreclosure. Prom a decree for complainant, defendant Hale appeals. The following is the stock certificate referred to in the opinion: “The American Building & Loan Association, “Minneapolis, Minnesota. “Certificate No. 25,629. No. of shares, 10. Amount $1,000.00. “This certifies that Cassius M.…
1Opinion of the CourtHooker, J.
The American Savings & Loan Association was incorporated under the laws of Minnesota in 1887, and was a going concern until 1896, when, by reason of insolvency, it went into the hands of Hale, as receiver, under an order of a district court of that State. The complainant became a member of this association in 1889, and subsequently borrowed from it the sum of $500, for which he gave his bond and mortgage, dated September 28, 1889. He continued his payments according to the agreement *347contained in his stock subscription and his mortgage and bond until April 6,1897, when he filed the bill in…
2Cases cited20 opinions
- Brown v. Lasalle ArcherMissouri Court of Appeals · 1895
- Leahy v. National Building & Loan Ass'nWisconsin Supreme Court · 1898
- Curtis v. Granite State Provident Ass'nSupreme Court of Connecticut · 1897
- Towle v. American Bldg., Loan & Inv. Soc.District Court, N.D. Illinois · 1894
- Knutson v. Northwestern Loan & Building Ass'nSupreme Court of Minnesota · 1897
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3Cited by8 opinions
- Daniels v. Detroit, Grand Haven & Milwaukee Railway Co.Michigan Supreme Court · 1910
- Groover v. Pacific Coast Sav. SocietyCalifornia Supreme Court · 1912
- People's Building & Loan Ass'n v. McPhilamyMississippi Supreme Court · 1902
- Hale v. PhillipsSupreme Court of Arkansas · 1900
- Estey v. Capital Investment, Building & Loan Ass'nMichigan Supreme Court · 1902
3 more not listed; retrieve them via the Exa API.