Haspel v. McLaughlin-Lyons

Citations

• 38 Pa. Super. 334
• 1909 Pa. Super. LEXIS 136

Syllabus

<p>Building associations — Mortgage—Appropriation of shares — Insolvency —Declarations-.—Secretary,</p> <p>1. Where a building association is on the eve of insolvency, there can be no appropriation of the value of shares to a mortgage debt.</p> <p>2. A declaration of the secretary of a building association made to a member on the eve of the insolvency of the company to the effect that the member was through with her payments, is inadmissible in an action on the mortgage because the secretary has no authority to bind the association by such a statement.</p>