People v. New York Building Loan Banking Co.
New York Supreme Court
Application by petitioner, a stockholder of the New York Building Loan Banking Co., asking that the receiver of the above-named company be required to pay him the difference between the amount paid in by him and the amount paid out by the company with interest, and in the event of the rejection of the method above refered to, he asks the court to direct the receiver to pay .him $3,974.27 with interest thereon from the date of the appointment of said receiver, reserving…
Read the full summary
Application by petitioner, a stockholder of the New York Building Loan Banking Co., asking that the receiver of the above-named company be required to pay him the difference between the amount paid in by him and the amount paid out by the company with interest, and in the event of the rejection of the method above refered to, he asks the court to direct the receiver to pay .him $3,974.27 with interest thereon from the date of the appointment of said receiver, reserving amount of dues paid by petitioner and interest thereon as a basis for a claim to share pro rata with other stockholders at…
1Opinion of the CourtDavis, J.
The defendant, the'New York Building-Loan Banking Company, .is insolvent and in the hands of a permanent receiver. On or about December 1, 1897, the petitioner, Peter J. Montague, became the owner of 300 share of class “A” stock, issued by the defendant. His primary purpose in subscribing for 300 shares was to bring about the payment and cancellation of an existing mortgage of $25,000 on his premises, No. 60 Court street, Brooklyn. The company undertook to carry this mortgage of $25,000, agreeing to pay off the principal on or before the maturity of the stock, and in the meantime to pay the…
2Cases cited2 opinions
- Illinois Central R. R. v. CozbyAppellate Court of Illinois · 1897
- Hannon v. CobbAppellate Division of the Supreme Court of the State of New York · 1900