Mutual Building Loan Ass'n of Eufaula v. Guice

As stated, this action was brought by appellee, Guice, against appellant, the Mutual Building & Loan Association of Eufaula, Ala., and sought to recover the statutory penalty of $200 for failure to cancel a mortgage given by appellee to appellant (Code 1923, § 9024).

Guice, the appellee, was a stockholder in the building and loan association. On August 2, 1930, he obtained an advance from said association of $7,440 upon 62 shares of stock owned by him, or $120 per share.

Dues to the association were payable on the first Monday in each month and it was provided in the by-laws that a borrower or…