Home Savings & Loan Ass'n v. Mason

The bill in this case was originally filed for the foreclosure of two mortgages given to the association to secure two separate loans made to the defendant Richard Mason as a member of the association. It appearing, in the course of the trial, that the company was insolvent, in the sense that it would be unable to pay its stock, as it accumulated, in full, and that the directors and a majority of the stockholders had determined to go into liquidation, the court treated the case as a proper one for an accounting, and applied the rule adopted by this court in Russell v. Pierce, 131 Mich. 308…