Weir v. Granite State Provident Ass'n
New Jersey Court of Chancery
This bill is filed by a mortgagor to redeem his real estate from the encumbrance of a mortgage. The cause is heard on bills and answers and replication. The mortgage was given to the defendant, a building and loan association of the State of New Hampshire, which has become insolvent, and whose affairs have gone into the hands of a receiver.
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This bill is filed by a mortgagor to redeem his real estate from the encumbrance of a mortgage. The cause is heard on bills and answers and replication. The mortgage was given to the defendant, a building and loan association of the State of New Hampshire, which has become insolvent, and whose affairs have gone into the hands of a receiver. The mortgagor is the holder of ten shares of stock of the insolvent company, nine of which shares were assigned to the company as collateral security. Those shares were not matured at the time of the company’s insolvency. The questions involved are, first,…
1Opinion of the Court
Reed, V. C.
It seems to be entirely settled that upon the insolvency of a-corporation of this class, its receiver is at once empowered to-collect the amount loaned to any borrower by the association, and that he can, for that purpose, proceed to foreclose a mortgage held by such association, although there had been no default *238by the mortgagor in the payment of any installment of interest or dues previous to the insolvency of the company.
The collapse of the scheme renders it impossible to carry out the object of the association. The debtor cannot pay according to the terms of his contract with…
2Cases cited8 opinions
- Curtis v. Granite State Provident Ass'nSupreme Court of Connecticut · 1897
- Waverly Mutual & Permanent Land, Loan & Building Ass'n v. BuckCourt of Appeals of Maryland · 1885
- Moore v. CordWisconsin Supreme Court · 1861
- Rogers v. HargoTennessee Supreme Court · 1891
- Abbe v. GoodwinSupreme Court of Connecticut · 1829
3 more not listed; retrieve them via the Exa API.
3Cited by1 opinion
- Reliant B. L. Assn. v. SauterNew Jersey Court of Chancery · 1941