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Zeisler v. Interstate Building and Loan Association

Decided: May 2, 1940.

CHARLOTTE ZEISLER, PLAINTIFF-RESPONDENT,
v.
INTERSTATE BUILDING AND LOAN ASSOCIATION, A CORPORATION, DEFENDANT-APPELLANT



On appeal from the Supreme Court.

For the appellant, Philip Klein.

For the respondent, Nathan H. Berger.

Perskie

The opinion of the court was delivered by

PERSKIE, J. The determinative issue requiring decision in this cause is whether, under the proper proofs exhibited, the trial judge erroneously submitted to the jury for its determination the question as to whether plaintiff was a shareholder or creditor of the defendant building and loan association.

Appellant, defendant below, appeals from a judgment of the Supreme Court in the sum of $13,356.56 in favor of respondent, plaintiff below. The judgment is based upon a jury verdict which was moulded by the trial judge in the circumstances and in the manner hereinafter more particularly set forth.

A brief statement of the several correlated transactions between the parties, embraced in the final transaction as a

result of which defendant executed and delivered its promissory note of $12,700 to plaintiff, and upon which plaintiff here sued defendant, will lay bare the circumstances giving rise to the stated question requiring decision.

Defendant association was dissolved the latter part of 1936 or the early part of 1937 and is now in the process of liquidation. R.S. 17:12-81.

In the latter part of 1929 defendant was hard pressed to meet its obligations. Pursuant to authority it sold some of its securities and otherwise sought and obtained money from plaintiff and others.

On December 9th, 1930, defendant obtained the sum of $5,900 from plaintiff and in turn executed, issued and delivered to her fifty-nine "Income" shares (Pamph. L. 1925, ch. 65, p. 222, § 73, as amended by Pamph. L. 1932, ch. 91, p. 160, § 1; Pamph. L. 1935, ch. 59, p. 160, § 16, now R.S. 17:12-47), as evidenced by its certificate No. 196.

On April 8th, 1931, defendant obtained the sum of $800 from plaintiff and in turn executed, issued and delivered to her eight "Income" shares as ...


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