Vanneman v. Swedesboro Loan & Building Ass'n
New Jersey Court of Chancery
L., being the owner of building loan stock, purchased loans; he used the money in purchasing a lot, and in erecting a dwelling thereon, taking the title in the name of his wife, and she gave a bond and mortgage on the lot for the amount loaned, he not joining therein; after this, both L. and his wife joined in a mortgage to the present complainants; then the association, the present defendants, filed a bill against Mrs. L. and these complainants for relief, in which, amongst…
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L., being the owner of building loan stock, purchased loans; he used the money in purchasing a lot, and in erecting a dwelling thereon, taking the title in the name of his wife, and she gave a bond and mortgage on the lot for the amount loaned, he not joining therein; after this, both L. and his wife joined in a mortgage to the present complainants; then the association, the present defendants, filed a bill against Mrs. L. and these complainants for relief, in which, amongst other things, it alleged that said loan was made to Mrs. L.; it was held in this court that the loan was an equitable…
1Opinion of the Court
Bird, V. C.
This is a creditor’s bill. In 1871 Lecroy became a member of the defendant association, and the owner of seven shares of its stock. In 1872 he purchased seven loans of the association, paying for three of them $49.50 each, and for four of them $46 each, by way of premiums. The then anticipated value of each share was $200, which value, however, to the owner, depended upon his fulfilling all his obligations to the association. Lecroy was paid at the rate, on the loans he purchased, less the premium, which indicated their value at that time, that is, $1,400, less the premium. The…
2Cases cited46 opinions
- Mecham v. McKayCalifornia Supreme Court · 1869
- Elliott v. HaydenMassachusetts Supreme Judicial Court · 1870
- Boots v. CanineIndiana Supreme Court · 1884
- Putnam v. DaySupreme Court of the United States · 1875
- Robbins v. ButlerIllinois Supreme Court · 1860
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