Buist v. Fitzsimons

Citations

• 44 S.C. 130
• 21 S.E. 610

Syllabus

<p>1. B. & L. Association — Receiver—Borrower.—A complaint by the receiver of a building and loan association, to recover the dues and interest which a borrower had contracted to pay, states a cause of action, where some of such dues were payable before the association was put into the hands of a receiver, and even without such arrears, where the contract between the borrower and the association could not be'carried out to the letter because of the insolvency of the association, and the court had authorized the action to be instituted.</p> <p>2. Ibid. — Ibid.—Ibid.'—A borrower from a building and loan association who gives bond conditioned to pay a stated sum monthly until the association winds up, which will be when it has accumulated assets that on division will yield $200 per share, is not discharged nor relieved from suit thereon by the receiver, under order of the court, because that enough has been paid in to make the shares worth $200 each, but wasted through the negligence of the directors, and because of the pending action in which the receiver was appointed.</p> <p>3. Payment — Demurrer.—A defence which sets up the plea of payment of the bond sued on, cannot be held bad on demurrer.</p>