Ocmulgee Building & Loan Ass'n v. Thomson
Supreme Court of Georgia
Building and loan associations. Fine. Penalty. Damages. Collateral security. Before Judge Hill. Bibb Superior Court. October Adjourned Term, 1873. On September 17th, 1867, Thomson borrowed from the Ocmulgee Building and Loan Association, on thirty shares of stock, $6,000 00, at a premium of sixty-five and one-half per cent., upon which he received, in cash, $2,080 00. In November, 1873, it was agreed between the members of said association to wind up business at $154 00 per…
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Building and loan associations. Fine. Penalty. Damages. Collateral security. Before Judge Hill. Bibb Superior Court. October Adjourned Term, 1873. On September 17th, 1867, Thomson borrowed from the Ocmulgee Building and Loan Association, on thirty shares of stock, $6,000 00, at a premium of sixty-five and one-half per cent., upon which he received, in cash, $2,080 00. In November, 1873, it was agreed between the members of said association to wind up business at $154 00 per share, the then value of its stock. Fourteen months before this date Thomson ceased to meet his installments of dues and…
1Opinion of the Court
McCay, Judge.
1. The principal question in this case is, what is the amount the plaintiff is entitled to recover, and what is the status of the defendant in the association, according to its charter and *432by-laws, when the judgment is satisfied. We have little to say that is not contained in the masterly argument of Mr. Bacon, the counsel for the defendant. It is said that this question is decided by the case of the Bibb County Loan Association vs. Richards, 24 Georgia, 198. But though the association then set up the same claim they do here, the only question decided was the right to recover,…
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