Shenandoah herald. [volume] (Woodstock, Va.) 1865-1974, 1912-01-12
VALLEY B. 6 L. ASSOCIATION.

D. B. Logan aud others -Complt
! vs.. Valley B. & L. Association an
others Defts. Inter Decree.
This case came to be further hear
this 10th day Of January 1912 upo
the papers formerly re I'd, &c.
On consideration whereof the Coul
being OF the opinion that the natur
OF the case requires that the metho
of settlement with the borrowin
members of the Association should b
determined at once and put into ex-
ecution, and that the receiver, owini
to the condition of the affairs of the
association, should be clothed witt
broad powers and discretion
in conduct ng and managing tn
| affairs of the Association looking
to the most favorable possible liq vi
dation of the affairs of the company
doth adjudge order an / ds:res as fol
lows:
That the receiver in settling with
borrowing members be and is hereby
authorized to ascertain the amount
still due by each such borrower, by
crediting the original principal Of
the loan, as of date of the appointment
of the receivers, when the dues we're
paid up to that date, or in else when
borrowers were Delinquent in the pay
ment of their dues, as of the date to
which their dues were actually paid,
with the amount standing to the credit
of the intallment stock carried by
such borrower ard assigned in the
contract of loan as collateral security
thereof, including dividend credits,
as appearing upon the installmeut
stock ledger of the company, the bal
ance thus found due by each borrow
ing member to he treated as the
amount of his indebtedness upon his
loan, with interest at 6 per cent from
date as heretofore indicated in the
case of each borrower, from the date
of the appointment of receivers, or
from the date prior thereto to which
dues were paid up, as may appear in
each case, plus any proper fines here
tofore assessed against any such
borrowing members, and any taxes
or insurance heretofore paid or may
hereafter have to be paid to preserve
the security held for such indebted
ness; and in coll ecti on of such bal
ances. the receiver is authorized to
permit the liquidation by the borrow
ing members of the amounts thus found
to be due by them, by making month
ly payments thereon, in amounts not
less than the monthly dues contracted
to be paid at the time of the ortgi-
nal loan, such payments to be con-
tinued and credited up monthly as
partial payments until the amount due
with interest thereon at 8 per cent per
annum shall have been fully paid but
each OF said borrowing members shall
have the right to make partial pay
merits in larger amounts, or to pay up
in full the amount due at any time;
and upon payment in full the receiver
is authorized to cancel and deliver IL e
contracts of loan, and to release tt e
instruments executed to secure sane,
either by marginal endorsements of
release, or formal deed of release.
That the receiver shall, at his dis
erection, proceed to enforce the col
lection of amounts due by such bor-
rowing members, who are and shall
remain delinquent in their monthly
payments, by the enforcement of the
liens, as per contract, or otherwise.
and in the collection of the payment
upon such liens, as per contract, or
otherwise. and in collection Of the
payments upon such loans, and the
losing out of delinquent loans whether
due by borrowing members or other
wise, receiver and trustees are author
ed to employ such agents,a las may be
found necessary, at such compensation
as they shall deem reasonable, and
require the execution of proper bonds
by such agents, payable to the re-
Gel yer.
1t appearing TO the court that con
siderable portion of the assets of the
Association consists Of equities in
land, in the states OF Maryland and
Virginia and lots and equities in lots
in the District of Columbia, the title
10 the lots outside of the State of Vir-
ginia being in w. W. Logan and
E. D. Newman, as trustees, they
being parties to this suit as trustees
and it appearing that it will be neces-
sary from time to time, in order to
preserve the equities in such proper
ties, and to keep the same in proper
repair and condition, and pay taxes
theron, 70 expend considerable monf y
10 the payment of interest ard princi-
p Il on maturing mortgages, &c. and
to pay for re pairs, GUILTY. alton, taxes,
insurance &c. the said receiver i
hereby authors ed to exercise his dis
cretlon, and when in his opiI ion thu
assets of the Association will be bene
fitted thereby, to apply any money il
his hand to the payment of maturing
interest or principal upon priol
mortga and to repairs and cult
walton OF said properties and to thu
payment of insurance: taxes and othe
costs connected with the care, preser
walton and protection ofthe same ant
also when necessary to provide tn
means for the protection of such
assets to execute and negotiate an,
necessary notes and certificates in hi
name as receiver. and apply the pro
leeds as above directed to the peces
sary preservation of the assets, an
!. such notes or certificates so issued h