Quin v. Callahan

Citations

• 124 Pa. 138
• 16 A. 638
• 1889 Pa. LEXIS 1013

Syllabus

<p>1 If, upon information fraudulently furnished by the secretary of a building and loan association, that its shares of stock have matured when they have not, the board of directors improvidently enter satisfaction upon the mortgage of a member and borrower, the satisfaction will be stricken off upon a bill filed by an assignee of the association for the benefit of creditors.</p> <p>2. There is no virtue in the satisfaction of a mortgage that will prevent either a fraud or mistake therein from being corrected, except, perhaps, as to purchasers'or other mortgagees without notice; moreover, aside from the rights of creditors, the equities between the members of such an association will not allow one of them to escape his share of the common burdens under a mistaken satisfaction of his mortgage as a borrower.</p>