Kurtz v. Campbell
Superior Court of Pennsylvania
Appeal, No. 94, April T., 1906, by plaintiff, from judgment of C. P. Jefferson Co., Aug. T., 1904, for plaintiffs on ease tried by the court without a jury in suit of T. M. Kurtz, S. Keltonik and G. L. Glenn, assignees of the Punxsutawney Mutual Building and Loan Association, v. Ira J. Campbell, S. K. Livingood and Rebecca M. Livingood, his wife. Scire facias sur mortgage.
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Appeal, No. 94, April T., 1906, by plaintiff, from judgment of C. P. Jefferson Co., Aug. T., 1904, for plaintiffs on ease tried by the court without a jury in suit of T. M. Kurtz, S. Keltonik and G. L. Glenn, assignees of the Punxsutawney Mutual Building and Loan Association, v. Ira J. Campbell, S. K. Livingood and Rebecca M. Livingood, his wife. Scire facias sur mortgage. The case was tiled by Reed, P. J., without a jury, under the act of April 22, 1874. The court found, inter alia, the following facts : The defendants, March 25, 1895, subscribed for and became the owners of twenty shares of…
1Opinion of the Court
Opinion by
Henderson, J.,
At the time when the defendants' executed their bond and mortgage to the building and loan association, they also assigned their stock in the association as collateral security for the payment of the debt. Attached to this assignment was an election to treat all past and future payments of dues on the stock as credits on the bond and mortgage, and a direction to the officers of the association to so appropriate and credit the same.
The right of a borrower from a building and loan association to make such election has been recognized in many cases, beginning with North…
2Cases cited9 opinions
- Strohen v. Franklin Saving Fund & Loan Ass'n ex rel. McKinleySupreme Court of Pennsylvania · 1887
- Erthal v. GlueckSuperior Court of Pennsylvania · 1899
- Freemansburg Building & Loan Ass'n v. WattsSupreme Court of Pennsylvania · 1901
- York Trust, Real Estate & Deposit Co. v. GallatinSupreme Court of Pennsylvania · 1898
- Economy Building Ass'n ex rel. Smyth v. HungerbuehlerSupreme Court of Pennsylvania · 1880
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3Cited by1 opinion
- Haspel v. McLaughlin-LyonsSuperior Court of Pennsylvania · 1909