Trowbridge v. Hamilton

Citations

• 18 Wash. 686
• 52 P. 328
• 1898 Wash. LEXIS 610

Syllabus

<p>BUILDING AND LOAN ASSOCIATIONS — SALE OF MORTGAGES — BY-LAWS.</p> <p>Under the provisions of Laws 1889-90, p. 56 (Bal. Code, § 4395 et seq.), relating to building, loan and savings associations and requiring such organizations to deposit with the state auditor, or with a trust company approved by him, all mortgage securities obtained in course of business, such mortgages cannot be sold by any such association to third parties, but are constituted by statute as a trust fund for the benefit of all its stockholders.</p> <p>Where the rights of stockholders are provided for by statute they cannot be contravened by the enactment of corporate bylaws.</p>