Northern Building & Loan Ass'n v. Witherow

Gallagher, Chief Justice.

Appeal from an order denying defendants’ motion for a new trial.

The action was instituted to foreclose a real estate mortgage given by James M. Witherow and wife to the Northern Building & Loan Association to secure the repayment of a loan of $3,900. Two transactions are involved. In 1930 defendants borrowed $4,000' from the association. As required by the articles and by-laws of the latter, they subscribed for 40 shares of its stock when application for the loan was made. A mortgage was given to secure the loan, and the stock was pledged as additional security. There…