New Bern Building & Loan Ass'n v. Blalock

Clark, 0. J.

Controversy submitted without action. Tie defendant R. B. Blalock, on 1 April, 1903, subscribed for $1,500 in tie capital stock of plaintiff Building and Loan Association. On 1 June, 1903, ie borrowed tie sum of $1,500, and as security for said loan assigned said stock as collateral security, and as additional security ie and his wife executed a deed in trust on certain realty. In February, 1909, tie directors of tie plaintiff company discovered that tie association had lost a sum of money which would require two additional monthly payments on each share of stock to make good said…