Monumental Permanent Building & Land Society v. Lewin
Court of Appeals of Maryland
Appeal from the Circuit Court of Baltimore City. Elizabeth Kirk, a stockholder in the Monumental Permanent Building and Land Society of Baltimore, borrowed therefrom the sum of $2400, upon a redemption of six shares of stock, and with her husband executed a mortgage of certain leasehold property in Baltimore city, as security for the repayment of the loan, with interest, &c., in weekly instalments of $8.77. The mortgage also contained a covenant to pay all fines imposed upon…
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Appeal from the Circuit Court of Baltimore City. Elizabeth Kirk, a stockholder in the Monumental Permanent Building and Land Society of Baltimore, borrowed therefrom the sum of $2400, upon a redemption of six shares of stock, and with her husband executed a mortgage of certain leasehold property in Baltimore city, as security for the repayment of the loan, with interest, &c., in weekly instalments of $8.77. The mortgage also contained a covenant to pay all fines imposed upon Mrs. Kirk by the mortgagee, in accordance with its by-laws. The appellee purchased the property in question, subject to…
1Opinion of the CourtAt.vbiv, J.
We entirely agree with the learned Judge who decided this case in the Court below, that, by a fair construction of the by-law of the appellants imposing fines and forfeitures for the non-payment of weekly dues at the time required, the terms of such by-law will be reasonably gratified by the allowance of only the fine for default of payment of the weekly instalment as it accrued due, and not repeated fines for every week that, it may have been *449allowed to stand in arrear. And while it is true that the by-law would appear to he susceptible of the more strict and rigid construction contended for…
2Cases cited1 opinion
- Shannon v. Howard Mutual Building Ass'nCourt of Appeals of Maryland · 1872
3Cited by2 opinions
- Lynn v. Freemansburg B. & L. Ass'nSupreme Court of Pennsylvania · 1887
- McGannon v. Central Building Ass'n No. 2West Virginia Supreme Court · 1882