Iowa Business Men's Building & Loan Ass'n v. Fitch

The plaintiff is a 'building and loan association organized in 1891, and on February 13, 1897, loaned the defendant $500. She gave her promissory note, and as security executed a mortgage and assigned *331five shares of stock which she then received in the association. The note recited that it was given as an advance payment for the stock and her agreement to pay $8.50 monthly on said stock, $3 as dues, $3 • as premium, and $2.50 as interest, the first payment' on date thereof and thereafter “on the 1st day of each and every month, until the dues paid, together with the earnings accruing on each…