Robinson v. Spencer

Willard Bartlett, J.:

When the Mercantile Co-operative Bank (which was a building and loan -association, organized under chapter 122 of, the Laws of 1851) became insolvent, the defendant, who was a member of the corporation, was indebted to it in the sum of $300, with interest, on his note for that amount, secured by fifty shares of the corporate stock as collateral. At the time the note was made the books of the corporation showed a credit to the account of the defendant in the sum of $457.50, representing $331.29 paid by the defendant as dues on the said fifty shares of stock, $66.21 paid…