Coggeshall v. Sussman

The Mutual Benefit Loan & Building Company was a building loan association incorporated under *385article Y, chapter 689 of the Laws of 1892, which more than a year ago became insolvent and passed into the plaintiff’s hands as receiver.

In 1893 the defendant subscribed for ten shares of installment stock in this company, which entitled him upon the payment of ten dollars per month to a loan of two hundred dollars per share. A year later he also subscribed for six shares of the prepaid stock of the association.

Payments were made upon or credited to these respective shares in accordance with the…