Danville Building Ass'n v. Pickering

FITZHENRY, District Judge.

This is an action at law to recover of the defendant Pickering, as collector of internal revenue, stamp taxes paid under protest. Plaintiff is a building and loan association, operating under the Illinois Building, Roan and Homestead Act (Hurd’s Rev. St. 1921, c. 32, § 78), which makes loans to members or shareholders. When a loan is made, the member is required to assign his certificate of shares to the association as. collateral security for the amount of the loan, to execute an instrument called a “contract,” and to convey by mortgage to tfie association the real…