Case Name: William Bayless et al v. Chambers Baird, Receiver, etc.
Court: Supreme Court of Ohio
Jurisdiction: Ohio
Decision Date: 1924-05-13
Citations: 2 Ohio Law Abs. 340
Docket Number: No. 18135
Parties: William Bayless et al v. Chambers Baird, Receiver, etc.
Judges: Marshall, C. J., Robinson, Jones, Day and Allen, JJ., concur. Wanamaker, J., not participating.
Reporter: The Ohio Law Abstract
Volume: 2
Pages: 340–341

Head Matter:
No. 304
No. 18135
William Bayless et al v. Chambers Baird, Receiver, etc.
—185- BUILDING AND LOAN ASSNS.— Members sharing its earnings must alike bear its losses — Borrower not entitled to have credited on his loan dues theretofore paid to his un-matured running stock.
Error to the Court of Appeals of Adams County.

Opinion:
MATTHIAS, J.
1. The members of a building and loan association, whether borrowers or non-borrowers, have a mutual interest in its affairs; sharing alike its earnings, they must alike hear its losses.
2. A borrowing member of a building and laon association occupies a two-fold relation. As a debtor he must repay his1 loan with stipulated interest; as a stockholder he may participate in the earnings and must contributed to losses sustained.
3. In an action by a receiver of an insolvent building and loan association to foreclose a mortgage on real estate given by a borrower who is á member and the ownwer of unma-tured running stock therein pledged as collateral security for said loan, said borrower is not entitled to have credited on his loan the dues theretofore paid on his unmatured running stock.
Judgment affirmed.
Marshall, C. J., Robinson, Jones, Day and Allen, JJ., concur. Wanamaker, J., not participating.