Monier v. Clark
New Mexico Supreme Court
Appeal from the district court of Santa Fe county, before John R. McFie, Associate Justice. Upon the premature abandonment of the enterprise of a savings and loan association, from whatever cause, the original contract between the association and the borrower cannot be carried out, and therefore neither party is bound to a literal fulfillment of the contract. 4 American and Eng.
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Appeal from the district court of Santa Fe county, before John R. McFie, Associate Justice. Upon the premature abandonment of the enterprise of a savings and loan association, from whatever cause, the original contract between the association and the borrower cannot be carried out, and therefore neither party is bound to a literal fulfillment of the contract. 4 American and Eng. Ency. of Law (2 Ed.), p. 1081, and cases cited; Bnist v. Bryan, 44 South Carolina 121; Thompson on Building Associations’ chap. 8, secs. 30-42-50; and chap. 12, secs. 5 and 13; Endlich on Building Association, secs.…
1Opinion of the Court
OPINION.
BAKER, J.
Appellants have made seven assignments of error. One to six inclusive will be considered together; in fact, they all go to the question of what amount of all moneys paid by appellants shall be credited upon their-loan of four thousand dollars.
1 One of the first questions to arise for the consideration of a receiver of an insolvent building and loan association is the application of the moneys paid by a borrowing member. If there were no borrowing-members the concern would be settled like any other insolvent institution, the stockholders receiving equal benefits and bearing…
2Cases cited12 opinions
- Bedford v. Eastern Building and Loan Assn.Supreme Court of the United States · 1901
- Strohen v. Franklin Saving Fund & Loan Ass'n ex rel. McKinleySupreme Court of Pennsylvania · 1887
- Strauss v. Carolina Inter-State Building & Loan Ass'nSupreme Court of North Carolina · 1895
- Towle v. American Bldg., Loan & Inv. Soc.District Court, N.D. Illinois · 1894
- Randall v. National Building, Loan & Protective UnionNebraska Supreme Court · 1894
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3Cited by3 opinions
- Groover v. Pacific Coast Sav. SocietyCalifornia Supreme Court · 1912
- Smith v. Bath Loan & Building Ass'nSupreme Judicial Court of Maine · 1927
- Pettit v. ForsythCalifornia Court of Appeal · 1910