Keystone State Building & Loan Ass'n v. Anderson
Superior Court of Pennsylvania
Keystone State Building & Loan Ass'n v. Anderson, 70 Pa. Super. 231 (1918)
1918 Pa. Super. LEXIS 218
Head, Henderson, Kephart, Orlady, Porter, Trexler
Keystone State Building & Loan Ass'n v. Anderson
Opinion of the Court
After due consideration of the petition, answer and testimony taken on a rule to show cause why a judgment against the defendants should not be opened, the court made the rule absolute, for reasons set out at length in a carefully prepared opinion. For the reasons therein given, and in Stoddart v. Myers, 52 Pa. Superior Ct. 179; Roeser v. German Natl. B. & L. Assn., 32 Pa. Superior Ct. 100, the assignments of error are overruled, and the judgment is affirmed.
Reference
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- Keystone State Building & Loan Assn. v. Anderson
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- 2 cases
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- Published
- Syllabus
- Building and loan associations — Loans—Competitive bidding— Bids in writing. Where a person desiring to become a borrower from a building and loan association makes and signs a written application containing a bid of ten cents per share, and authorizing the secretary to act in making the bid, and the secretary at a meeting of the directors at which only directors are present, presents a number of similar applications, and the directors acting solely on the written applications grant all the loans at the rate of ten cents per share, such bidding is not competitive bidding within the meaning of the law, and a borrower cannot be charged with the amount of such premium in addition to a six per cent, charge.