Allen v. American Building & Loan Ass'n
Supreme Court of Minnesota
Appeal by plaintiff, James I. Allen, from a judgment of the District Court of Hennepin county, Lochren, J., entered December 12, 1891. . The American Building & Loan Association of Minneapolis was incorporated under the laws of this State.. James H. Bishop, Thomas E. Bishop, and C. Wright Davidson were directors and officers of the corporation, and they and it were the defendants in this action.
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Appeal by plaintiff, James I. Allen, from a judgment of the District Court of Hennepin county, Lochren, J., entered December 12, 1891. . The American Building & Loan Association of Minneapolis was incorporated under the laws of this State.. James H. Bishop, Thomas E. Bishop, and C. Wright Davidson were directors and officers of the corporation, and they and it were the defendants in this action. It issued certificates to those persons who became members, stating that the holder had subscribed for one or more shares, and had agreed to pay sixty cents monthly on each share, of which fifty cents…
1Opinion of the CourtCollins, J.
It was held by the court below, and stands undisputed here, that the sales of stock then owned by plaintiff’s assignors in defendant corporation were unlawful and indefensible, because the power to sell was improperly and defectively exercised. A by-law of defendant association, also made one of the terms and conditions of the stock certificates, as the same were printed and issued, requiring and providing for a sale at public auction, in case of a failure to meet the prescribed monthly payments for a period of six months, was ignored and disregarded, to the extent that the sale was in the…
2Cases cited1 opinion
- Carr v. LuscherNebraska Supreme Court · 1892
3Cited by12 opinions
- Camden Land Co. v. LewisSupreme Judicial Court of Maine · 1905
- American Rio Grande Land & Irrigation Co. v. Mercedes Plantation Co.Court of Appeals of Texas · 1913
- Elk Valley Coal Co. v. ThompsonCourt of Appeals of Kentucky · 1912
- Conaway v. Co-Operative HomebuildersWashington Supreme Court · 1911
- Carpenter v. American Building & Loan Ass'nSupreme Court of Minnesota · 1893
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