(Download) "Clark v. Peoples Saving & Loan Association" by 789. Supreme Court of Indiana No. 27 * Book PDF Kindle ePub Free
eBook details
- Title: Clark v. Peoples Saving & Loan Association
- Author : 789. Supreme Court of Indiana No. 27
- Release Date : January 22, 1943
- Genre: Law,Books,Professional & Technical,
- Pages : * pages
- Size : 62 KB
Description
FANSLER, J. The appellee is a building and loan association organized under the laws of this State. The appellants were its board of directors. In 1935 the Department of Financial Institutions of the State of Indiana discovered that the capital of the association was impaired to the extent of approximately $9,000. The department notified the board of directors that unless the impairment was repaired it would take over and liquidate the association. After Discussions with the department, it was agreed that the defendant directors would contribute $9,000 to the capital of the association, and the directors all signed an affidavit that the $9,000 had been contributed and paid into the association. Relying upon this representation, the department permitted the association to continue in business, and it thereafter received deposits. The affidavit and the representation was false. The $9,000 was never paid. This is an action to collect the $9,000. There was judgment for the appellee. Various errors are assigned which we need not notice in detail.