Lynn v. Freemansburg B. & L. Ass'n

Citations

• 117 Pa. 1
• 11 A. 537
• 1887 Pa. LEXIS 229

Syllabus

<p>1. A by-law of a building and loan association, incorporated under the act of April 12, 1859, P. L. 544, which imposed as a fine upon stockholders delinquent in payment of monthly dues “ the additional sum of ten cents monthly on each and every dollar due,” is unreasonable, extortionate, oppressive and therefore void.</p> <p>2. A member of such an association, who is also a mortgage debtor to it under the loan provisions of its organization, is not concluded by the payment of such illegal fines and is entitled to credit therefor in a scire facias upon his mortgage, as for a payment upon the debt and interest secured.</p>