Tootle v. Singer
Supreme Court of Iowa
Appeal from, Taylor District Court. — Hon. W. H. Tedford, Judge. The plaintiffs are receivers of an association organized in Missouri under the provisions of an act authorizing building and loan associations.
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Appeal from, Taylor District Court. — Hon. W. H. Tedford, Judge. The plaintiffs are receivers of an association organized in Missouri under the provisions of an act authorizing building and loan associations. The articles of incorporation of the association state that it is organized for the purpose of forming a “mutual loan and building association,” the objects of which “are the accumulation of funds to loan to the members thereof or others; to purchase, buy, sell, convey, lease or mortgage real estate; and to erect buildings on its real estate, for rent or otherwise." The by-laws of the…
1Opinion of the CourtSherwin, J.
i. building associations: pa;?uSp°f: h °c ' The appellees contend that the Phoenix Loan Association was not a building and loan association, and that the loan of 1892, and its renewal in 1896, are for this reason usurious. This contention is based . upon the provisions of its by-laws authorizing the issue of pail-up stock. The law. of Missouri authorizes this, as we understand it, and since the enactment of the Code, of 1897 it has been expressly authorized in this st ate, and prior to that time there was no prohibition of such stock. In fact it is a general rule, recognized by all the…
2Cases cited7 opinions
- Bank of Augusta v. EarleSupreme Court of the United States · 1839
- Christian Union v. YountSupreme Court of the United States · 1880
- Iowa Savings & Loan Ass'n v. HeidtSupreme Court of Iowa · 1899
- Parker v. Fulton Loan & Building Ass'nSupreme Court of Georgia · 1872
- Spinney v. MillerSupreme Court of Iowa · 1901
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3Cited by4 opinions
- Smith v. Bath Loan & Building Ass'nSupreme Judicial Court of Maine · 1927
- Spinney v. ChapmanSupreme Court of Iowa · 1903
- Brown v. Redfield Building, Loan & Savings Ass'nSouth Dakota Supreme Court · 1943
- Cobe v. GuyerAppellate Court of Illinois · 1908