Newhoff v. Rochester

Citations

• 66 Pa. Super. 297
• 1917 Pa. Super. LEXIS 249

Syllabus

<p>Building and loan association — Stock—Mortgage—Application of payments on stock.</p> <p>Where a building and loan association holds as collateral for a debt due by one of its members, a mortgage on the member’s real estate, and a pledge of his stock, and foreclosure proceedings on the mortgage fail to produce a fund sufficient to pay the whole debt, the association may appropriate the value of the stock to make up the deficiency, as against the claim of a subsequent attachment creditor of the member, although payments on the stock had not been previously credited or appropriated to the debt.</p>