Borrowers' & Investors' Building Ass'n v. Eklund
Illinois Supreme Court
Appeal from the Appellate Court for the Second District,;—heard in that, court on appeal from the Circuit Court of Will county; the Hon. Robert W. Hilscher, Judge, presiding. The appellant association is a corporation duly organized under the general statute of the State entitled “An act to enable associations of persons to become a body corporate to raise funds to be loaned only among the members of such association.” (Starr & Cur.
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Appeal from the Appellate Court for the Second District,;—heard in that, court on appeal from the Circuit Court of Will county; the Hon. Robert W. Hilscher, Judge, presiding. The appellant association is a corporation duly organized under the general statute of the State entitled “An act to enable associations of persons to become a body corporate to raise funds to be loaned only among the members of such association.” (Starr & Cur. Stat. 1896, chap. 32, par. 108, p. 1045.) It exhibited in the circuit court of Will county a bill in chancery praying for the foreclosure of a certain mortgage on…
1Opinion of the CourtChief Justice Boggs
The transactions between the appellees and the appellant association were not sales of their stock to the company, but were loans of money to the appellees. (People’s Loan and Homestead Ass. v. Keith, 153 Ill. 609.) The same is the view taken by the courts of last resort in Connecticut, Iowa, Kentucky, Maryland, Nebraska, New York, North Carolina, Pennsylvania, South Carolina, Texas and West Virginia. 4 Am. & Eng. Ency. of Law, (2d ed.p. 1056.
It appeared from the proof that by the first of these transactions the appellant association obtained the note of the appellee Charles Eklund in the…
2Cases cited3 opinions
- People's Loan & Homestead Ass'n of Joliet v. KeithIllinois Supreme Court · 1894
- Lurton v. Jacksonville Loan & Building Ass'nIllinois Supreme Court · 1900
- Goodwin v. BishopIllinois Supreme Court · 1893
3Cited by22 opinions
- Jamieson v. JurgensIllinois Supreme Court · 1902
- Home Building & Loan Ass'n v. McKayIllinois Supreme Court · 1905
- Midland Savings & Loan Co. v. HendersonSupreme Court of Oklahoma · 1915
- Aetna Building & Loan Ass'n v. RouchSupreme Court of Oklahoma · 1912
- Estey v. Capital Investment, Building & Loan Ass'nMichigan Supreme Court · 1902
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