Schell v. Equitable Loan & Investment Ass'n of Sedalia
Supreme Court of Missouri
Appeal from Greene Circuit Court. — Hon. James T. Neville, Judge. The provision in the notes described in the trust deeds sought to be released, to 'the effect that the shares of stock pledged to secure said debts, shall mature and be entitled to redemption at the par value of $200, at the end of one hundred months, and shall then be canceled in full satisfaction of the borrower’s note and deed of trust, should be construed as an estimated period at which said stock would…
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Appeal from Greene Circuit Court. — Hon. James T. Neville, Judge. The provision in the notes described in the trust deeds sought to be released, to 'the effect that the shares of stock pledged to secure said debts, shall mature and be entitled to redemption at the par value of $200, at the end of one hundred months, and shall then be canceled in full satisfaction of the borrower’s note and deed of trust, should be construed as an estimated period at which said stock would mature, and not an absolute contract or guarantee that it should so mature. If such provision is to be-construed as an…
1Opinion of the CourtRobinson, J.
This is a suit in equity instituted* in the Greene Circuit Court by the plaintiff, a borrowing stockholder, against the Equitable Loan & Investment Association of Sedalia, a building and loan association organized under article IX, chapter 21, Revised Statutes 1879, to cancel and declare satisfied two certain deeds of trust on lot four in Kelley’s addition to Springfield, Missouri, given to secure loans obtained by plaintiff from said association. On the hearing in the circuit court the issues were found for the plaintiff and a decree rendered that said deeds of trust be canceled and for…
2Cases cited1 opinion
- State v. HarveySupreme Court of Missouri · 1897
3Cited by5 opinions
- Reitz v. HaywardMissouri Court of Appeals · 1903
- Vandergrif v. SwinneySupreme Court of Missouri · 1900
- Gary v. VerityMissouri Court of Appeals · 1903
- State Ex Rel. Wagner v. Farm & Home Savings & Loan Ass'nSupreme Court of Missouri · 1936
- Federal Savings & Loan Ass'n v. BaxterSupreme Court of Oklahoma · 1939