Occidental Building & Loan Ass'n v. Sullivan
California Supreme Court
Appeal by defendants from the judgment of the Superior Court of the County of Sacramento, and from an order denying a motion for a new trial. Denson, J. Action of foreclosure of mortgage. The defendants, S. and wife, were the owners of six shares of stock in the plaintiff corporation, a building and loan association in the city of Sacramento, and on two several dates borrowed money from the plaintiff, for which they executed their promissory notes.
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Appeal by defendants from the judgment of the Superior Court of the County of Sacramento, and from an order denying a motion for a new trial. Denson, J. Action of foreclosure of mortgage. The defendants, S. and wife, were the owners of six shares of stock in the plaintiff corporation, a building and loan association in the city of Sacramento, and on two several dates borrowed money from the plaintiff, for which they executed their promissory notes. To secure the payment of the promissory notes, they mortgaged to the plaintiff certain real estate, and hypothecated to the plaintiff the said…
1Opinion of the Court
McKinstry, J.:
Plaintiff’s by-law ix. provides: “Every stockholder for every share of stock shall pay to the Secretary, on the second Wednesday in every month, the sum of one dollar in gold.” And by-law xi.: “Any stockholder failing to pay his or her monthly installments or interest shall pay a fine of ten per cent, per month upon the amount of the indebtedness. This fine shall be charged by the Secretary, and collected with the delinquent’s monthly dues; and in case any stockholder shall neglect or refuse to pay the monthly dues or fines for the space of six months, the Secretary shall tender…
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