Warranty B. L. Assn. v. Bloch

The Warranty Building and Loan Association Liquidating Corporation is in liquidation pursuant to the provisions of R.S.17:12-115, as amended. It was organized in 1910 as a normal building and loan association. In 1933 it met the same financial reverses as affected similar institutions. Shareholders withdrew their payments on account of dues, real estate was acquired as a result of foreclosures and it shortly became a "frozen" association. Legislation was enacted to save the state's entire building and loan structure. The history of that legislation, its constitutionality, interpretation and…