Jewell v. Nuhn
Supreme Court of Iowa
Appeal from Black Hawk District Court. — Franklin C. Platt, Judge. For many years, Boehmlér, a shareholder, was the secretary of the defendant association, and had unlawfully appropriatéd and converted to his own use its moneys, paid in by its members. The 20 shares owned by him were of par value of $100 a share, when fully matured.
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Appeal from Black Hawk District Court. — Franklin C. Platt, Judge. For many years, Boehmlér, a shareholder, was the secretary of the defendant association, and had unlawfully appropriatéd and converted to his own use its moneys, paid in by its members. The 20 shares owned by him were of par value of $100 a share, when fully matured. While owning these, Boehmler, in July, 1905, borrowed of the plaintiff $2,000, giving his promissory note therefor, and pledging as collateral security for the -payment thereof his certificate representing said shares. The misappropriations by Boehmler amounted to…
1Opinion of the CourtSalinger, J.
1. Building and loan associations: lien of corporation of faulting of-prfority.leasee' I. The paragraph of the defendant’s articles of incorporation under which it now A claims a lien on the shares of stock for Boehmler’s indebtedness to it for moneys misappropriated, is as follows’:
“Art. XY. Liens. This association shall have a lien on the shares of each shareholder for any sum due it from said shareholder, either on account of the subscription to its stocks or for money loaned by the association to said shareholder, or for any other indebtedness due from the shareholder. No stock shall be…
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