Hale v. Kline
Supreme Court of Iowa
Appeal from, Jones District Court.- — Hon. W. Gr. Thompson, Judge. The plaintiff, is the receiver of an insolvent Minnesota corporation, Avhich Avas organized and did business as a purely mutual association. On the twenty-fourth day of January, 1888, the defendant, A. D. Kline made Avritten application for membership in. said association, and at the same time subscribed for 12 shares of its stock.
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Appeal from, Jones District Court.- — Hon. W. Gr. Thompson, Judge. The plaintiff, is the receiver of an insolvent Minnesota corporation, Avhich Avas organized and did business as a purely mutual association. On the twenty-fourth day of January, 1888, the defendant, A. D. Kline made Avritten application for membership in. said association, and at the same time subscribed for 12 shares of its stock. His application for membership Avas accepted, and a certificate for 12 shares of stock Avas issued to him. The certificate proAÚded that the shareholder should pay to the association 60 cents…
1Opinion of the CourtSi-ierwin, J.
The only question presented for our determination in this case is fhether the defendants are entitled to credit for any part of the dues paid on the 12 shares of stock issued to A. D. Kline, and assigned by him as collateral security for the loan and premium Tn question. At the outset of the discussion of this question, we should say that the association was purely a mutual one; that every stockholder was a member thereof; and that every member thereof was a stockholder. Except as to the liability incurred by borrowing mone'y of the association, every member assumed the same liabilities, and…
2Cases cited9 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
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- Knutson v. Northwestern Loan & Building Ass'nSupreme Court of Minnesota · 1897
- People v. . LoweNew York Court of Appeals · 1889
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