Trustees of Mutual Loan Ass'n v. Parsons

Citations

• 26 Del. 131
• 80 A. 1062
• 3 Boyce 131
• 1911 Del. LEXIS 25

Syllabus

<p>1. Building and Loan Associations—Mortgage Liens—Enforcement Against a Nonstockholder.</p> <p>A mutual loan association may enforce its mortgage lien against land after it has been conveyed to another subject to the mortgage, though the transferee has never been a stockholder in the association.</p> <p>2. Building and Loan Associations—Stockholders—Assumption of Relation.</p> <p>If a purchaser of land subject to a mortgage of a loan association also purchased the owner’s stock in the association, he assumed the latter’s relation as stockholder therein.</p> <p>3. Building and Loan Associations—Payment of Dues.</p> <p>Payment by a stockholder of a mutual loan association of dues upon stock cannot be applied to reduce a mortgage on land purchased through the association.</p>