National Investment Co. v. National Savings, Loan & Building Ass'n
Supreme Court of Minnesota
Appeal by defendant The National Savings, Loan & Building Association from the judgment of the District Court of Bamsey county, Brill, J., entered July 24, 1891. The defendant was incorporated August’ 14,1888, by Mahlon D. Miller, Frank P. Blair, Wm. T. Kirke, Wm. L. Hackett, and Chas. E. Hamilton, under 1878 G. S. ch. 34, § 109. On September 10, 1889, it amended its articles of incorporation with intent to comply with Laws 1889, ch. 236. On October 24, 1890, Wm.
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Appeal by defendant The National Savings, Loan & Building Association from the judgment of the District Court of Bamsey county, Brill, J., entered July 24, 1891. The defendant was incorporated August’ 14,1888, by Mahlon D. Miller, Frank P. Blair, Wm. T. Kirke, Wm. L. Hackett, and Chas. E. Hamilton, under 1878 G. S. ch. 34, § 109. On September 10, 1889, it amended its articles of incorporation with intent to comply with Laws 1889, ch. 236. On October 24, 1890, Wm. J. Woolsey applied to defendant for a loan of $7,200 to be secured by mortgage on Lot five (5) in Block two (2) in Dayton’s…
1Opinion of the CourtCollins, J.
The only question which we need to discuss on this occasion is that of defendant’s liability upon the contract on which plaintiff’s right to recover is based. The defendant is a building association organized under the provisions of 1878 G. S. ch. 34, tit. 2, and the various amendatory acts. By a proviso found at the end of section one hundred and nine (109) of said chapter, such associations are expressly prohibited from loaning their funds, except to their own members or shareholders; and by means of Laws 1889, ch. 236, § 4, the manner of making such loans to members and stockholders is…
2Cases cited1 opinion
- State Board of Agriculture v. Citizens Street Railway Co.Indiana Supreme Court · 1874
3Cited by2 opinions
- National Investment Co. v. National Savings, Loan & Building Ass'nSupreme Court of Minnesota · 1892
- Backus v. BurkeSupreme Court of Minnesota · 1892