State v. Redwood Falls Building & Loan Ass'n

The defendant is a corporation of the peculiar character generally known by such names as “Mutual Building Associations,” or “Building and Loan Associations.” It was organized under the general laws of the state. On the 1st day of May, 1888, the association held and owned mortgages on real estate, “upon which the amount, due the defendant in the aggregate was the sum of $9,600,” as appears by the finding of the district court. These mortgages “represented payments for stock of the association made by shareholders, and nothing else.” The association had no other property than that represented…