107 Iowa 555 | Iowa | 1899
These cases are submitted together, for the reason that controlling questions are common to all of them. The case of Wilcoxen, receiver, against Smith involves the following facts: The Union Building & Saving Association was organized to transact business as a mutual building association, under and by virtue of sections 1184 to 1187, inclusive, of the Code of 1873. On the twenty-eighth day of December, 1894, it was insolvent to the extent that it was unable to pay to the share-holders the full amounts paid by them to the loan fund of the association, 'and William M.
Our conclusion that the appellees are only entitled to credits for the actual value of their shares of stock has support in the authorities. See Knutson v. Association, 67 Minn. 201 (69 N. W. Rep. 889); Eversmann v. Schmitt, 53 Ohio, 174 (41 N. E. Rep. 139); Price v. Kendall, 14 Tex. Civ. App. 26 (36 S. W. Rep. 810); Strohen v. Association, 115 Pa. St. 273 (8 Atl. Rep. 843); Christians Appeal, 102 Pa. St. 184; People v. Lowe, 117 N. Y. 175 (22 N. E. Rep. 1016); Rogers v. Hargo, 92 Tenn. Sup. 35 (20 S. W. Rep. 430); Rogers v. Raines (Ky.), 38 S. W. Rep. 483; Thompson Building Associations, p. 60, section 2; Thompson Building Associations, pp. 127, 129, sections 11, 12, 15; Endlich Building Association (2d ed.), sections 45, 77, 514, 531.
III. In the case against O. B. Howard, his co-defendant, Margaret Howard, claimed a credit on the plaintiff’s cause of action for the value of 12 shares of stock of the association which she held. The appellant insists that she was not entitled to the allowance claimed. Since no allowance was made for the credit claimed, and the appellees do not appeal, it is not necessary to consider the matter further.
IV. It is claimed in the case against the congregation ■that the proof fails to show that its trustees had authority to subscribe for stock and enter into the contract and mortgage in suit. The evidence on their part is not wholly satisfactory, but it is sufficient to sustain the action of the trustees. In reaching the conclusion expressed, we have not treated chapter 48 of the Acts of the Twenty-seventh General Assean
The views we have expressed dispose of all questions involved in the several cases presented in argument. Tor the reasons shown, the decree in each case is reversed; and, since, proof of the actual value of the shares when the receiver was appointed was not and could not have bee-n made at the time of the hearing, equitable considerations demand that the causes be remanded to- the district co-urt for further proceedings in harmony with this opinion, to ascertain and make due allowance for the credits, if any, for shares of stock to which the appellees are entitled, or, if that cannot be. done in these-actions, to protect the right of the appellees to- recover such, credits by appropriate proceedings. — Reversed.