Clark v. Lopp
Missouri Court of Appeals
Appeal from the Barry Circuit Court. — Hon. J. C. • Lamson, Judge. Upon the insolvency of the association and the appointment of a receiver the mortgages became immediately due and payable.
Read the full summary
Appeal from the Barry Circuit Court. — Hon. J. C. • Lamson, Judge. Upon the insolvency of the association and the appointment of a receiver the mortgages became immediately due and payable. Such insolvency works a rescission of the contract between the association and its members who have secured advancement upon their shares of stock, for the reason that such contract was dependent entirely upon the stock maturing and attaining its ultimate or par value. . The money therefore advanced to the borrowing member, immediately, upon such insolvency, becomes due and payable. A court of equity has…
1Opinion of the CourtBond, J.
*547Petition. *545The petition in this case is to wit: “The above named plaintiff, complaining of the defendants, respectfully shows to the court: That the above named American Building and Loan Association organized, and was incorporated as a mutual building and loan association in April, 1887, under and by virtue of the laws of the state of Minnesota, and having its office and principal place of business in the city of Minneapolis in said state; that on the 26th day of July, 1892, its corporate name was duly altered to American Savings and Loan Association without changing, altering or effecting…
2Cases cited2 opinions
- Gregory v. McCormickSupreme Court of Missouri · 1894
- Robertson v. StaedSupreme Court of Missouri · 1896
3Cited by5 opinions
- Groover v. Pacific Coast Sav. SocietyCalifornia Supreme Court · 1912
- Glendale Lumber Co. v. Beekman Lumber Co.Missouri Court of Appeals · 1911
- Gary v. VerityMissouri Court of Appeals · 1903
- State Ex Rel. Swan v. TaulMissouri Court of Appeals · 1933
- Stanley v. VerityMissouri Court of Appeals · 1903