115 Iowa 59 | Iowa | 1901
1
Defendant Vogt became a shareholder in plaintiff: association in January, 1892. On October 27th of that year she made application for a loan of $600, which was duly granted, and she executed the mortgage in suit as security therefor.' At the same time she executed a note whereby she promised to* pay 60 cents per month on 6 shares of stock held by her in the association, and 6 per cent, per annum on $600, and a monthly premium of 50 cents per share until the bond or note was paid, and also agreed to pay all fines or penalties that might be assessed against her pursuant to the articles of incorporation or by laws of the association. It was also agreed that in case of non-payment of any of said sums for the period of four months the whole loan should mature, with 6 per cent, interest and monthly premiums on the proceeds from last default of interest payment. Before becoming a borrower, defendant paid as dues and for membership, $42. After making her loan she paid from $8.20 to $10.20 per month as dues, interest, and premium until November 1, 1898, when she defaulted. She also paid $25.40 in fines. As we understand it, the dues were $3.60 per month, interest $3, and premium $3, except as these last two items were reduced by payments already made. ' There was no showing as to the withdrawal value of the shares, save this from the articles of incorporation: “If withdrawn at any time after four years, and before seven, the shareholder shall receive the amount of dues paid into- the loan fund, and seven per cent, interest for the average time of said payments, less all fines and penalties due from her.”