Page:Federal Reporter, 1st Series, Volume 5.djvu/301

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8WAN V. EOBINSON. ���m ���trust, that the said corporation shall have and hold the same as collateral security for the payment of a certain debt of $4,000, for which Thomas J. Graves and wife have executed to it a bond and mortgage ; and in trust that the said corpo- ration, its succesaors, and assigna ■vnll appropriate the value of said stock towards the payment of the said debt, interest, and fines, and for no other purpose whatsoever. Witness my hand and seal this first day of August, A. D. 1873. Signed and sealed by H. A. Clark, of the firm of Swan, Clark & Co., in the presence ôf George C. Maris and E. H. Gregg." This stock, according to the scheme in operation in such associa- tions, matured and was fully paid up on the hineteentfa of July, 1876, viz. : making each share of the said stock of the value of $200, and the aggregate value of the same, — 20 shares,— - $4,000. After the purchase of this stock by the coœplain- ants, they paid to the said corporation monthly dues on said stock, amounting, in ail, to the sum of $620, and the said assignee of said bankrupt also paid on said stock other monthly dues for five months amounting to $100 — the aggre- gate amount of $720 being the requisite sum to fully pay up the said shares until their maturity, as aforesaid, in July, 1876. �The assignee, during the whole time from the adjudication of bankruptcy to the nineteenth of July, 1876, (the date of the maturity of the stock, as aforesaid,) paid to the said cor- poration the interest on the said mortgage of $4,000, i. e., $240 per year. The value of said shares thus paid up was on the nineteenth of July, 1876, applied to the payment of the mortgage aforesaid, and this mortgage was satisfied by the treasurer of the company against notice given and the pro- tests of the complainants. This property, i. e., the property on which the mortgage was given, was sold by an order of the district court made the twenty-ninth of September, 1876, by said assignee, for the sum of $15,000, clear of ail liens and encumbrances, and the funds remain in the hands of the as- signee to answer any claims which may be eç[uitably preferred against them. �v.5,no.3— 19 ����