Cason v. Seldner

Citations

• 77 Va. 293
• 1883 Va. LEXIS 57

Syllabus

<p>1. Practice in Chancery—Building associations—Parties.—Where suit is brought to wind up the affairs of a building association doing business under the laws of this state, all the shareholders should be made parties. If any have been illegally released, their liabilities should be enforced.</p> <p>2. Building Associations—Shareholder—Borrower.—When shareholder has his shares redeemed, the terms of his contract is evidenced by his bond and his trust deed given to secure his bond, and cannot be varied. If those terms be to pay monthly instalments and interest on the sum borrowed, and he is not in default, he cannot be required to pay a sum in solido.</p> <p>3. Idem—Monthly payments—Dissolution.—Such instalments must be paid as stipulated, until the accumulated fund suffices to pay the sum agreed on under the articles, on each of the unredeemed shares, when the association ceases to exist, unless sooner dissolved by a vote of the shareholders.</p> <p>4. Idem—Shareholder—Borrower—Obligation.—The sum advanced shareholder is no part of his debt. His obligation is to pay in lieu of the sum advanced, the monthly instalments as he contracted, and no more.</p>