Preston v. Lamano
New York Supreme Court
Suit to foreclose a building and loan company mortgage given by the defendants to the ¡New York Building-Loan and Banking Company.
1Opinion of the Court
Gaynor, J.:
The bond and mortgage were made July 1st, 1897, for $11,140. The company having failed was put into the hands of a receiver by this court September 15th,. 1903. The question is how much is due.
This cannot be determined without understanding the scheme as part of which the bond and mortgage were given. It is one that is usual with building and loan companies, and is as follows.
The defendants applied to the company for membership and for a loan of $8,800. To become members and get the loan they had to subscribe for stock of the company to an amount equal at par to the sum they were…
2Cases cited5 opinions
- Concordia Savings and Aid Ass'n v. . ReadNew York Court of Appeals · 1883
- Hall v. StowellAppellate Division of the Supreme Court of the State of New York · 1902
- Breed v. RuoffAppellate Division of the Supreme Court of the State of New York · 1900
- Riggs v. CarterAppellate Division of the Supreme Court of the State of New York · 1902
- Roberts v. CronkAppellate Division of the Supreme Court of the State of New York · 1904
3Cited by4 opinions
- Preston v. ReinhartAppellate Division of the Supreme Court of the State of New York · 1905
- Mott v. Western Savings & Loan Ass'nOregon Supreme Court · 1933
- Preston v. AlbeeAppellate Division of the Supreme Court of the State of New York · 1907
- People v. New York Building-Loan Banking Co.Appellate Division of the Supreme Court of the State of New York · 1906