Haspel v. Moffitt

Citations

• 32 Pa. Super. 344
• 1907 Pa. Super. LEXIS 9

Syllabus

<p>Building and loan association — Interest—Payments—Application of payment — Mortgage—Stock payments — Insolvency.</p> <p>A provision in the by-laws of a building and loan association for the payment of interest monthly at the rate of one-half per cent on the amount loaned, and that the interest shall be annually reduced by deducting or allowing the interest on the amount of contributions paid by the purchasers during the year, cannot be so construed as to apply to payments on the principal of the debt.</p> <p>After the insolvency of a building and loan association there can be no appropriation of the value of shares to a mortgage debt.</p>