The Montgomery advertiser., 1901-07-17

der the laws of Minnesota. with fts
 home .ofYice in that State, where the legal rate of interest Is 10 percent per annum. and the note and mortgage ex- ecuted by the borrower stipulated for the payment. monthly. of 5 per cent in- terest and per cent premium per an- mum, and for the payment of the mort gage debt at the home office. and the form of contract between the parties was the one regularly used by said as- sociation in the making of loans, 1t can not be said that said contract was usurious.
 5. Contract; when can be altered by subsequent agreement without valuable consideration-An executory contract in writing may be altered, modified or rescinded by a subsequent agreement, even in parol, without new considera- ton; the mutual assent of the parties to the new agreement being the only consideration necessary to support 1t.
 '6 Same; same: alteration of building and loan association contract-The con tract of subscription to stock in building and loan association. in addi- ton to the usual payment of monthly instalments, provided for the levying and collecting of extra assessments and expressly stipulated that the stock should mature at a definite and fixed time. After having subscribed for stock in said association a shareholder borrowed money from it. to secure the payment of which he gave a mortgage on real estate. and also transferred his stock in the association as collateral
 security. Subsequently and before the
 expiration of the time for the maturity
 of the stock and of the loan. upon con-
 dition that the asscoation would release
 him from all liability for the extra as-
 sessments provided for in the original
 subscription contract. the shareholder
 and borrower agreed fhet the period for
 the maturity of his stock should be
 changed from definite and fixed term
 to an indennitc time, and that he would continue his monthly payments there
 on until the profits appropriated thereto were sufficient to pay off the mortgage debt, when the same should be applied in discharge of said debt and all liabili' ties between the parties cancelled
 Held: That the said subsequent agree, ment by which the original contract ol subscription was altered was binding between the parties; and the fact tha at the time of such alteration no par ticular. assessments had been actual, levied was immaterial.
 '. Building and loan association forfeiture of borrowers stock; wner borrower entitled to credit on mortgag' debt for cash surrender value of stock Where a statute of force in State | wherein a foreign building and loan as sociatton Is incorporated and has its domicile, requires that whenever sucf association shall declare any of 1t. stock forfeited for noncompliance with It's bylaws and regulations. the holder | of said stock. if 1t is more than veal old, shall be allowed the withdrawa | value of said stock. if borrower from | such building and loan association | after he has executed his mortgage
 upon said real estate and assigned his stock as collateral security and has | carried his stock for more than a year | makes default in the payment of thu | instaIlment upon his stock, as required by the bylaws and regulations of tho | association. and ceases to pay the in | terest and premium upon the loan upon the association declaring tht stock forfeited. such borrower must b, | given the withdrawal value of his stool | at the time of such forfeiture. whici
 he is entitled to have credited upon tn,
 mortgage debt.
 Reversed and remanded.
 Opinion by Dowdell, J.