Acme Realty, Inc. v. Lafayette Building & Loan Ass'n

Opinion by

Parker, J.,

This is a proceeding in equity brought by an owner of real estate encumbered by a building and loan mortgage to compel the mortgagee to satisfy the mortgage. In brief, the claim of the complainant is that the withdrawal value of installment stock given as security for the loan was in excess of the amount of the loan and that the association was bound to comply with its alleged demand that such withdrawal value of the stock be applied to discharge the mortgagor’s obligation.

The building and loan association now defends on the grounds (1) that Acme Realty, Inc., was not the…