Smith v. Richardson
Missouri Court of Appeals
Appeal from the St. Louis City Circuit Court. — -Kg'S. James E. Withrow, Judge. The primary design of a building and loan association is to accumulate a fund by the savings of its meTnbers. Endlich on B. & L. Ass’n, sec. 91; sec. 17 of By-laws. And being a mutual association this fund is the property of all its members and can not be diverted by the association from its original purpose. (Ariing v. Kenton B. &. L., 26 Am.
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Appeal from the St. Louis City Circuit Court. — -Kg'S. James E. Withrow, Judge. The primary design of a building and loan association is to accumulate a fund by the savings of its meTnbers. Endlich on B. & L. Ass’n, sec. 91; sec. 17 of By-laws. And being a mutual association this fund is the property of all its members and can not be diverted by the association from its original purpose. (Ariing v. Kenton B. &. L., 26 Am. Law Begister, 273.) It is a well settled rule of construction of grants by the-legislature to corporations, whether public or private, that only such powers and rights can…
1Opinion of the CourtBond, J.
On the twenty-first of March, 1894, the Active Building & Loan Association, No. 2, of St. Louis, borrowed the sum of $2,600 from S. B. Beall, executing its note therefor, due in six months, with seven per cent interest. In April following the payee Beall died, and defendant Richardson as public administrator took charge of his estate. The note matured on the twenty-first of September, 1894, and the administrator demanded payment therefor, whereupon the said Building & Loan Association paid $600 of the principal and all accrued interest, and for the consideration of an extension of time of…
2Cases cited18 opinions
- Connecticut Mutual Life Insurance v. SmithSupreme Court of Missouri · 1893
- Sparks v. Dispatch Transfer Co.Supreme Court of Missouri · 1891
- Hill v. Rich Hill Coal Mining Co.Supreme Court of Missouri · 1893
- Musser v. JohnsonSupreme Court of Missouri · 1867
- St. Louis Drug Co. v. RobinsonSupreme Court of Missouri · 1883
13 more not listed; retrieve them via the Exa API.
3Cited by10 opinions
- First National Bank v. Guardian Trust Co.Supreme Court of Missouri · 1905
- Chenoweth v. Pacific Express Co.Missouri Court of Appeals · 1902
- Sherman v. International Life InsuranceSupreme Court of Missouri · 1921
- Adams v. Farmers' Mutual Fire InsuranceMissouri Court of Appeals · 1905
- Rechow v. Bankers Life Co.Supreme Court of Missouri · 1934
5 more not listed; retrieve them via the Exa API.