Bell v. Southern Home Building & Loan Ass'n
Supreme Court of Alabama
Appeal from the Chancery Court of Pike. Heard before the Hon. William L. Parks. The bill in this case was filed by. the appellant, L. W. Bell, against the appellee, the Southern Home Building & Loan Association, for the purpose of having certain contracts entered into by and between the complainant and the respondent rescinded, set aside and annulled.
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Appeal from the Chancery Court of Pike. Heard before the Hon. William L. Parks. The bill in this case was filed by. the appellant, L. W. Bell, against the appellee, the Southern Home Building & Loan Association, for the purpose of having certain contracts entered into by and between the complainant and the respondent rescinded, set aside and annulled. It was averred in the bill that the respondent was a building and loan association organized under the laws of the State of Georgia, and had its principal place of business in the city of Atlanta; that the complainant had subscribed for stock…
1Opinion of the CourtSharpe, J.
The contract from which the complainant seeks to he relieved is in all respects similar to that which was under consideration in Hayes v. Southern Home Building & Loan Association, reported in 124 Ala. 663, wherein, following the decision made in Southern B. & L. Association v. Anniston, etc. Co., 101 Ala. 582, it was held that a member of a building and loan association by becoming a borrower under such a contract, assumed an interest bearing debt to the association, separate from the debt created by his subscription for stock therein, and that such member is not entitled *376to have payment…
2Cases cited12 opinions
- Flewellen v. CraneSupreme Court of Alabama · 1877
- Hayes v. Southern Home Building & Loan Ass'nSupreme Court of Alabama · 1899
- Gardner v. KnightSupreme Court of Alabama · 1899
- Southern Building & Loan Ass'n v. Anniston Loan & Trust Co.Supreme Court of Alabama · 1893
- Pioneer Savings & Loan Co. v. NonnemacherSupreme Court of Alabama · 1900
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3Cited by3 opinions
- Ellis v. CrawsonSupreme Court of Alabama · 1906
- Merritt v. Alabama Pyrites Co.Supreme Court of Alabama · 1905
- Hickingbotham v. Industrial Finance Corp.Supreme Court of Arkansas · 1936