Reiser v. William Tell Saving Fund Ass'n
Supreme Court of Pennsylvania
Error to the District Court of Philadelphia. This was a scire facias sur mortgage by the William Tell Savings Fund Association, against John Reiser, brought August 25th 1860. The plaintiff was incorporated by the Common Pleas, September 1853, having its place of business in Philadelphia.
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Error to the District Court of Philadelphia. This was a scire facias sur mortgage by the William Tell Savings Fund Association, against John Reiser, brought August 25th 1860. The plaintiff was incorporated by the Common Pleas, September 1853, having its place of business in Philadelphia. The object of the association is the acquisition of property in real estate or land, and the erection of buildings thereon, at such times, and in such a manner, and under such conditions as the association, from time to time, may determine upon. To this end, the holder of each and every share of stock is…
1Opinion of the Court
The opinion of the court was delivered,
by Lowrie, C. J.
This association is of the same character as those which have become known of late as building associations. They are, in truth, only saving fund and loan societies. They have been in the habit of loaning their funds to those who bi'd the highest premium, at the rate of six per cent, on the nominal amount of the loan, and this court has several times decided that they can recover only the actual amount loaned with the interest thereon: 2 Casey 269; 6 Id. 465.
Sincev- thosij^-degisions, the legislature have declared (12th April 185Ü)7that…
2Cases cited1 opinion
- O'Conner v. WarnerSupreme Court of Pennsylvania · 1842
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- Paramino Lumber Co. v. MarshallSupreme Court of the United States · 1940
- Richardson v. FitzgeraldSupreme Court of Iowa · 1906
- Commonwealth Ex Rel. Smith v. ClarkSupreme Court of Pennsylvania · 1938
- Commonwealth ex rel. Roney v. WarwickSupreme Court of Pennsylvania · 1895
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