Columbia Building & Loan Ass'n v. Junquist

Citations

• 111 F. 645
• 1899 U.S. App. LEXIS 3487

Syllabus

<p>1. Building and Loan Associations—Membeks—Constkuctjve Notice of ByLaws.</p> <p>A stockholder in a building and loan association is bound to take notice of the law under which it is incorporated and of the provisions of its by-laws.</p> <p>2. Same—Contracts with Borrowing Stockholders—Limiting Number of i Payments.</p> <p>■ The essential principle of building and loan associations is that of mutuality between all the members, whether borrowers or nonborrowers; 'and such an association cannot contract with a borrowing member, to Whom it has advanced the par value of his shares, that his indebtedness shall be canceled on the payment of interest and stock dues for a certain number of months, regardless of whether such payments in fact mature his stock.</p>