United States Savings & Loan Co. v. Parr

The opinion of the court was delivered by

Fullerton, J.

The respondent, a building and loan association, brought this action to foreclose a mortgage executed by one William Parr and one John Paterson to it to secure a loan of nine hundred dollars. It recovered a judgment and a decree of foreclosure for the amount demanded. The loan was made upon the usual terms and conditions common to loans made by such associations to their subscribers. The company required the applicants to subscribe for eighteen shares of its capital stoeh, of the par value of one hundred dollars each, and assign nine *116of…