Ulmer v. Falmouth Loan & Bldg. Ass'n

Citation45 A. 32,93 Me. 302
PartiesULMER v. FALMOUTH LOAN & BUILDING ASS'N.
Decision Date06 December 1899
CourtSupreme Judicial Court of Maine (US)

(Official.)

Appeal from superior court, Cumberland county.

Bill by W. Edwin Ulmer against the Falmouth Loan & Building Association. Decree dismissing the bill, and plaintiff appeals. Affirmed.

Bill in equity, heard on bill and demurrer, praying for an injunction, a receiver, and the winding up of the affairs of the defendant corporation. The presiding justice dismissed the bill.

The plaintiff in his bill charged various acts of the officers to be in violation of the bylaws of the corporation, such as follows: "That your petitioner is informed and has reason to believe, and does believe, that the board of directors and officers of said association, disregarding the rights of your petitioner and the provisions of said constitution and said laws of said state, and in direct violation thereof, have made a loan of a large sum of money from the funds of said association belonging to your petitioner and the other shareholders of said association, and in which your petitioner is interested as said trustee and attorney for said mortgagors, upon a single parcel of real estate, and to an amount far in excess of that provided for in said constitution, and upon property of such a nature that it does not come within the provisions of said by-laws, and the laws of said state relative to said loan and building association, for the purposes for which said funds of said association may be loaned, and of such a nature that the value of same is uncertain."

He also charged illegal reloans at lower rates of premium, etc., and "that thereby said monthly payments from said mortgagors to said association as provided in said mortgage deeds and the notes thereto have in divers cases been reduced, and to that extent the action of said board of directors and said officers has impaired and still is impairing the revenues of said association, and the returns from thence to your petitioner and other shareholders and mortgagors thereof; that as a result the burden of the mortgagors not so favored by a reduction of payment in said monthly dues on said mortgages is thereby increased, and made unequal with the other mortgagors so favored."

The concluding charge in the bill alleged that said action of said board of directors and said officers of said association as aforesaid has disintegrated, broken, and changed the original basis upon which said association was organized, and upon which its business was conducted until said 15th day of February, A. D. 1897, and has destroyed the mutual relationship between shareholders and borrowers of said association then existing, to such an extent that the said mutual obligations thereof cannot now be fulfilled; that the original purposes of said association cannot now be effected; and that the usefulness of said association for the purposes for which it was organized has been destroyed and can no longer be accomplished.

The defendant demurred to the bill, and gave the following reasons for its dismissal:

"Because it appears by said bill that the facts therein claimed are uncertain and not positively alleged.

"Because all the shareholders in said association have not been notified to join, and have not joined and become parties to said bill.

"Because it is not alleged in said bill that complainant made any request to the board of directors and officers of said association for them to give him relief in the premises complained of in his said bill of complaint.

"Because said bill does not contain any matter of equity whereon this court can ground any decree, or give the complainant relief against the defendant corporation.

"And for further cause of demurrer said defendant corporation shows that, under the laws of the state of Maine, Fremont B. Timberlake, as bank examiner, is the only person in whose name a bill of complaint praying for the relief prayed for in said bill of complaint, and upon the grounds and for the causes therein mentioned, can be prosecuted and maintained."

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25 cases
  • Estes v. Bank of Walnut Grove
    • United States
    • Mississippi Supreme Court
    • February 4, 1935
    ... ... U.S. 504, 33 L.Ed. 1001; Hammock v. Farmers' Loan & ... Trust Co., 105 U.S. 77, 26 L.Ed. 1111; Kline v ... Jewett, 15 So. 386; Taylor v. Life Assn. of ... America, 13 F. 493; Faley v. Talbee, 55 F. 892; ... New York, 78 ... L.Ed. 563; Home Bldg. & L. Assoc. v. Blaisdell, 78 ... L.Ed. 255; Bankers Trust ... Mousam River Trust Co., ... 113 Me. 531, 95 A. 221; Ulmer v. Loan & Building ... Assn., 93 Me. 302, 45 A. 32; ... ...
  • State ex rel. Wagner v. Farm & Home Savings & Loan Ass'n of Missouri
    • United States
    • Missouri Supreme Court
    • January 4, 1936
    ... ... Casten v ... Stafford, 92 Mo.App. 182; Sundheim on B. & L. Assn. (3 ... Ed.), p. 6; Eberhart v. Preferred B. & L. Assn., 157 ... Mo ... 238; Fornataro v. A. Coast ... B. & L. Assn., 163 A. 240; Ulmer v. Falmouth B. & L ... Assn., 45 A. 32; Union Savs. & Inv. Co. v ... ...
  • Corbett v. Lincoln Sav. & Loan Ass'n
    • United States
    • Missouri Court of Appeals
    • May 7, 1929
    ... ... 251; Gunby v. Armstrong, ... 133 F. 417; Amer. v. Union Bldg., etc., Assoc., 50 ... N.J.Eq. 170, 24 A. 552; Andrews v. Roanoke Bldg ... v. Dist. Ct. of Salt Lake ... County, 44 Utah 397, 140 P. 221; Ulmer v. Falmouth ... Loan & Building Ass'n, 93 Maine, 302, 45 A. 32; ... 1021; Maloney v. Real Estate, ... Building and Loan Assn., 57 Mo.App. 384; United ... States Building and Loan Assn. v ... ...
  • State v. Crookston Trust Co.
    • United States
    • Minnesota Supreme Court
    • May 10, 1946
    ...contra, defendant relies on State ex rel. Cotonio v. Italo-American Homestead Ass'n, 177 La. 766, 149 So. 449; Ulmer v. Falmouth Loan & Bldg. Ass'n, 93 Me. 302, 45 A. 32; and State ex rel. Powell v. State Bank, 90 Mont. 539, 4 P.2d 717, 80 A.L.R. 1494. The first two cited cases were decided......
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