Teller v. Wilcoxen
Supreme Court of Iowa
Appeal from Polk District Court. — Hon. W. B. Conrad, Judge. Ti-ie defendant was appointed receiver of the Union Building & Savings Association, insolvent, in an action brought against it, and this proceeding is an intervention by plaintiff, in which he seeks to have his claim, founded upon certain shares of stock, given a preference. There was a judgment in plaintiff’s favor and defendant appeals.—
1Opinion of the CourtWaterman, J.
The Union Building & Savings Association was duly incorporated under the laws of this state (title 9, chapter 6, Code 1873). It issued stock of different kinds for the purpose of raising money to loan to its members. One variety of stock was known as “Class D.” This was full-paid stock, which bore interest at the rate of 8 per cent., payable semi-annually. The promise to pay interest was unconditional. It was in no way dependent on the profits of the association. According to the terms of the stock certificate, the principal could be withdrawn at any time after sixty days’ notice. Plaintiff’s…
2Cases cited2 opinions
- Leahy v. National Building & Loan Ass'nWisconsin Supreme Court · 1898
- Hohenshell v. Home Savings & Loan Ass'nSupreme Court of Missouri · 1897
3Cited by6 opinions
- Radalj v. Union Savings & Loan Ass'nWyoming Supreme Court · 1943
- White v. WogamanArizona Supreme Court · 1936
- People v. Metropolitan Mutual Savings & Loan Ass'nAppellate Division of the Supreme Court of the State of New York · 1905
- Kellenberger v. Oskaloosa National Building, Loan & Investment Ass'nSupreme Court of Iowa · 1906
- People v. Metropolitan Mutual Savings & Loan Ass'nAppellate Division of the Supreme Court of the State of New York · 1905
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