Red Bank Mutual Building & Loan Ass'n v. Patterson

The Chancellor.

The complainants are a corporation under the “ act to encourage the establishment of mutual building and loan associations.” Nix. Dig., p. 92. The defendant, John H. Patterson, being the holder of ten shares of the stock, obtained from the association an advance of the amount of those shares to him, and gave his bond and mortgage as security, under and according to the provisions of the constitution. The bond is in the penalty of $2000, and is conditioned for the payment by Patterson or his heirs, executors or administers, to the association, of interest for that sum, monthly,…