Eureka Homestead Society v. Sladovich

George Sladovieh, Sr., being under contract to buy from Dr. Ármand Mary certain real estate in New Orleans, applied to the Eureka Homestead Society for a loan of $10,000 to finance the deal. He subscribed for the necessary shares of stock in the homestead society, with the understanding that the society would take title from Dr. Mary and transfer the property to him (Sladovieh) on terms which would leave a credit of $10,000, for which he would give his note secured by mortgage and vendor’s lien on the property. The $10,000 was to be paid by the homestead society to Dr. Mary as the cash…