North American Building & Loan Ass'n v. Richardson

THE COURT.

On July 8, 1932, Friend W. Richardson, as Building and Loan Commissioner of the State of California, took over the assets of the North American Building-Loan Association, pursuant to the provisions of section 13.11 of the Building and Loan Act, enacted in 1931. (Stats. 1931, pp. 483, 539.) Section 13.11 reads as follows: “Power to take possession of association. If the commissioner as the result of any examination or from a report made to him or to any association doing business in this state or its investors or any thereof, shall find that such association is violating the…