Montgomery County sentinel. [volume] (Rockville, Md.) 1855-1974, 1873-03-14
Interesting to Members of Building As
sociations,

His Honor Judge Pinkncy, of the City Cir
Gait Court, has filed the following important
opinion in the case of Thomas Lester against
the Log Cabin Building Association:
This involves single question, namely,
whether when the bill was filed the time had
arrived for the dissolution of the association
under article II OF its constitution, which is in
these words LAS soon as each shareholder
shall have received for each share he owns his
acqutiance money, not 10 exceed the amount
Of s H. then this association shall dissolve. all
the mortgages be released in court, and those
members not having drawn ont their shares
upon the mortgages be equally entitled 20 all
the benefits and balances, and thus the opera
lions of this association come to an end" All
these homestead and building associations,
formed upon the temporary principle, contem-
plate that all the members or shareholders
shall continue 10 pay their weekly dues until
each investor or non-borrrower, called also
unredeemed member, shall have received the
full amount of his share-ihe borrower or re-
deemed shareholder having received n certain
sum estimated according 10 the anticipated
duration of the association, from the time of
the loan for the full vaue of his share at the
conclusion And article of this association
provides that in his case call claims Of the
owners are extinct" The amount of the
amount of bonus to be paid by the borrower,
are fixed according to the anticipated duration
of the association. If the plans and rules Of
the association are properly adjusted, and the
money paid in to the association he constantly
made productive, it will terminate within the
time contemplated And in order to ascertain
the time when any such association will termi-
nate il is necessary to make the calculation
upon the assumed basis that all the sharehod
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continue to pay their weekly dues until the
non-borrower or unredeemed shareholder shall
have received the full amount of his share, or,
as the 18th article expresses it, shall have re-
ceived his acquittance money. There is moth
ing in these articles to warrant the assumption
on the part of the complainant that the nnre-
deemed shareholders are to stop paying their
dues before the redeemed members, and that
is the vice Of his theory. BY the 9th article it
is provided that the borrowing shareholder
shall pay interest weekly, until each member
shall have received his shares, or the money
drawn. estimated al SIP per share, be return
ed. 1t is in the alternative. ii appears that
this association has been successful. and the
borrower is clearly entitled to participate in
the good fortune of the association of which
he is member and there is nothing to war
rant the attempt to throw upon him The bur-
then of paying the full amount of the redeem
ed shares. The association cannot be dissolv-
ed until by the continued operation of the
association, and the payment into the associa-
ton by all the members redeemed and unre-
deemed, of dues and interest, fund shall be
accumulated sufficient to pay the unredeemed
members Sll2 per share. The defendant is
clearly right in his theory. think that the
complainant has shown himself entitled TO no
relief in the premises, and that the bill should
be dismissed with costs.