Hale v. Gullick
South Dakota Supreme Court
Appeal from circuit court, Brookings county. Hon. Julian Bennett, Judge. Action by William D. Hale as receiver of the American Savings & Goan Association against Thomas Gullick and others. From a judgment for defendants, plaintiff appeals. The facts are stated in the opinion. When the stock of a mutual building association is paid up, it ceases to be a going concern and its stockholders become creditors entitled to a distribution of its funds.
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Appeal from circuit court, Brookings county. Hon. Julian Bennett, Judge. Action by William D. Hale as receiver of the American Savings & Goan Association against Thomas Gullick and others. From a judgment for defendants, plaintiff appeals. The facts are stated in the opinion. When the stock of a mutual building association is paid up, it ceases to be a going concern and its stockholders become creditors entitled to a distribution of its funds. Hale v. Cairns, 77 N. W. 1010; Leahy v. Association, 76 N. W. 625; Towle v. Society, 61 Fed. 446; Everman v. Schmitt, 53 O. St. 174. A mortgage given…
1ConcurrenceFuller, P. J.
I cannot concur in the conclusion reached by my associates. The avowed character and object of this *646mutual building and loan association is stated in its articles of incoi-poratiou as follows: . “The general nature of its business shall be to assist its members in saving and investing money and in buying and improving real estate, and for procuring-money for other purposes, by loaning or advancing, under the mutual building society plan, to such of them as may desire to anticipate the ultimate value of their shares, funds accumulated from the monthly contributions of its stockholders, and…
2Cases cited10 opinions
- Strohen v. Franklin Saving Fund & Loan Ass'n ex rel. McKinleySupreme Court of Pennsylvania · 1887
- Brown v. Lasalle ArcherMissouri Court of Appeals · 1895
- Leahy v. National Building & Loan Ass'nWisconsin Supreme Court · 1898
- Curtis v. Granite State Provident Ass'nSupreme Court of Connecticut · 1897
- Knutson v. Northwestern Loan & Building Ass'nSupreme Court of Minnesota · 1897
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