Wadlinger v. Washington German B. & L. Ass'n

Citations

• 153 Pa. 622
• 26 A. 647
• 1893 Pa. LEXIS 1156

Syllabus

<p>Building Association — Appropriation of payments.</p> <p>Where a member of a building association obtains a loan from the association and gives as security therefor a judgment on his real estate, and makes to the association an assignment of his stock waiving all benefits from it, he cannot, after he has assigned his title in the stock to another person, direct that the payments on his stock shall not be applied to the payment of his indebtedness, but that the same shall be collected from his real estate.</p> <p>In such a case the association has a right to credit the withdrawal value of the shares upon the judgment debt and collect the balance from the fund raised by the sale of the real estate.</p> <p>Pledge of stock — Withdrawal.</p> <p>A member of a building association cannot be a withdrawal stockholder so long as his stock is held in pledge by the association.</p>