Towle v. American Bldg., Loan & Inv. Soc.
District Court, N.D. Illinois
Suit by Marcus Towle and others against the American Building, Loan & Investment Society. A receiver was appointed to take charge of the defendant’s business, and he applies to the court for instructions.
1Opinion of the Court
GROSSCUP, District Judge.
The receiver in this cause asks for the direction of the court relating to the terms on which the borrowers from the association may repay their loans, and, also, the claims which the receiver shall advance on like questions in cases of compulsory foreclosure. The laws of Illinois provide that each stockholder in a building- and loan association may borrow from such association upon the security of his stock, not to exceed $100 for each share thereof (that being the par value); that he shall give, in addition thereto, real-estate security acceptable to the board; and…
2Cited by29 opinions
- Farmers' & Merchants' Bank of Phœnix v. Arizona Mut. Savings & Loan Ass'nCourt of Appeals for the Ninth Circuit · 1915
- Prudential Building & Loan Ass'n v. ShawTexas Supreme Court · 1930
- Knox National Farm Loan Ass'n v. PhillipsSupreme Court of the United States · 1937
- Knutson v. Northwestern Loan & Building Ass'nSupreme Court of Minnesota · 1897
- Franklin Opera House Co. v. ArmstrongCourt of Appeals for the First Circuit · 1904
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