R. C. Clement Building Ass'n v. Ortenz

Lewis, J.,

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On April 14, 1925, the defendant borrowed from the R. C. Clement Building Association $400, and assigned his twenty shares of stock as collateral security for the repayment of the loan. The value of his stock at that time exceeded the amount of the loan. He then executed a note, which, in form, is as follows:

Following the making of the loan, the defendant paid dues on his stock, amounting to $20 per month, with interest on the loan, amounting to $2 per month, on eight separate occasions.

On Aug. 24, 1926, Peter G. Cameron, Secretary of Banking of the Commonwealth of Pennsylvania,…