Lupowitz v. Double Share Building & Loan Ass'n

Kun, J.,

On June 9, 1925, the defendant granted two mortgage loans to one Hyman Schlachman, each in the sum of $3500, in connection with which the plaintiff paid into the association the sum of $750 cash as security for each loan, or the total sum of $1500, under the agreement that the said sum would be returned to the plaintiff by the defendant when there should have been paid into the association the sum of not less than $750 on each of the said mortgages, either on account of the principal thereof or on account of twenty shares of stock of the association issued in connection with each…