Buist v. Bryan

Citations

• 44 S.C. 121
• 29 L.R.A. 127
• 21 S.E. 537
• 1895 S.C. LEXIS 56

Syllabus

<p>1. B. & L. Association — Borrower—Receiver.—Where a member of a building and loan association borrows money and gives bis bond, conditioned to pay his stock dues and interest every month until the association shall wind up, and secures such bond by a mortgage of land and an assignment of his certificate of stock, and the association is afterwards put into the hands of a receiver, the contract of the borrower as originally contemplated is thereby terminated, and such borrower is no longer liable for monthly dues.</p> <p>2. Ibid. — Ibid.—Ibid.-—Payments.—All former payments of monthly dues and interest should be credited on the mortgage debt,'aDd if they are sufficient, at the contract rate of interest, to extinguish the debt, a complaint for foreclosure cannot be sustained; but if insufficient, the payments of dues and interest must be applied as credits on the bond.</p> <p>3. Petition eor rehearing refused.</p>