In re Washington Park Building & Loan Ass'n

Philadelphia County Court of Common Pleas

In re Washington Park Building & Loan Ass'n

22 Pa. D. & C. 561, 1935 Pa. Dist. & Cnty. Dec. LEXIS 234

CourtPennsylvania Court of Common Pleas, Philadelphia County

DecidedMarch 7, 1935

Docketno. 6718

StatusPublished

This text of 22 Pa. D. & C. 561 (In re Washington Park Building & Loan Ass'n) is published on Counsel Stack Legal Research, covering Pennsylvania Court of Common Pleas, Philadelphia County primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

In re Washington Park Building & Loan Ass'n, 22 Pa. D. & C. 561, 1935 Pa. Dist. & Cnty. Dec. LEXIS 234 (Pa. Super. Ct. 1935).

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Opinion

Parry, J.,

This is a petition by the Washington Park Building and Loan Association, under section 621 of the Building and Loan Code of May 5, 1933, P. L. 457, to reduce its liability to shareholders, including those who have given notice of withdrawal and have not been paid. We cannot in this proceeding determine whether the petitioners are entitled to so broad an order, for if a member withdrew when the association was in sound financial condition he thereupon ceased to be a shareholder and cannot be forced to bear a share of subsequent losses. On the other hand, if the association was insolvent or the withdrawal would render it insolvent the notice of withdrawal would be ineffectual and the member would remain a shareholder and must share subsequent losses in spite of it.

We therefore grant the petition as to “shareholders” only, for the term must be understood to include all persons to whom the petitioners’ liability may be reduced.

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Parry, J.,

This is a petition by the Washington Park Building and Loan Association, under section 621 of the Building and Loan Code of May 5, 1933, P. L. 457, to reduce its liability to shareholders, including those who have given notice of withdrawal and have not been paid. We cannot in this proceeding determine whether the petitioners are entitled to so broad an order, for if a member withdrew when the association was in sound financial condition he thereupon ceased to be a shareholder and cannot be forced to bear a share of subsequent losses. On the other hand, if the association was insolvent or the withdrawal would render it insolvent the notice of withdrawal would be ineffectual and the member would remain a shareholder and must share subsequent losses in spite of it.

We therefore grant the petition as to “shareholders” only, for the term must be understood to include all persons to whom the petitioners’ liability may be reduced.

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Bluebook (online)

22 Pa. D. & C. 561, 1935 Pa. Dist. & Cnty. Dec. LEXIS 234, Counsel Stack Legal Research, https://law.counselstack.com/opinion/in-re-washington-park-building-loan-assn-pactcomplphilad-1935.