People v. Metropolitan Mutual Savings & Loan Ass'n
Appellate Division of the Supreme Court of the State of New York
Appeal from Special Term, Erie County. Action by the people of the state of New York against the Metropolitan Mutual Savings & Loan Association. From an order confirming the report of the referee appointed to determine the questions raised by the claimants to a preference in the distribution of the assets of the defendant in the hands of its receiver, Delilah Good and others appeal. Affirmed.
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Appeal from Special Term, Erie County. Action by the people of the state of New York against the Metropolitan Mutual Savings & Loan Association. From an order confirming the report of the referee appointed to determine the questions raised by the claimants to a preference in the distribution of the assets of the defendant in the hands of its receiver, Delilah Good and others appeal. Affirmed. Appeal by Delilah Good and others, claimants, from an order of the Erie Special Term dated July 8, 1904, and entered in the office of the clerk of the county of Albany July 18, 1904, confirming the…
1Opinion of the CourtChase, J.
A careful consideration of the articles of association leads us to the conclusion that the possible insolvency of the association was not in the contemplation of the incorporators or of the members of the association, in changing the articles of association from time to time. The articles of association seem to have been prepared with entire confidence that the somewhat intricate system of stock certificates and the numerous classes of stock would be attractive to many investors, and that money would be received and continued with the association, and so invested that the profits therefrom…
2Cases cited14 opinions
- Strohen v. Franklin Saving Fund & Loan Ass'n ex rel. McKinleySupreme Court of Pennsylvania · 1887
- Leahy v. National Building & Loan Ass'nWisconsin Supreme Court · 1898
- Hohenshell v. Home Savings & Loan Ass'nSupreme Court of Missouri · 1897
- Coltrane v. BlakeCourt of Appeals for the Fourth Circuit · 1902
- Gibson v. Safety Homestead & Loan Ass'nIllinois Supreme Court · 1897
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