Nordyke v. Wright

G. G. Wright, receiver of the United Home Builders of America, mentioned hereinafter as the association, sued Charles Nordyke and wife, appellants, on a promissory note for $3,400, and to foreclose the lien of a trust deed given on a tract of land in Callahan county, Tex., to secure the payment of the note.

The association was a co-operative loan organization that operated under a declaration of trust; it issued and sold to members a 3 per cent, loan contract that entitled the holder to a real estate loan equal to the face value of the contract, provided that, when the contract was reached in…