Building and Loan Association

Legal Definition and Related Resources of Building and loan association

Meaning of Building and loan association

An organization created for the purpose of accumulating a fund by the monthly subscriptions or savings of its members, to assist them in building or purchasing for themselves dwellings or real estate, by loaning to them the requisite money from the funds of the society upon good security. 173 III. 629. The purpose of a building and loan association is to enable a number of associates to combine and invest their savings to mutual advantage, so that any individual among them may receive out of the accumulations a sum by way of loan, wherewith to buy or build a house, mortgaging it to the association as security for the money borrowed, and ultimately making it his own by paying oif the encumbrance out of his subscription. 173 111. 629.

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This definition of Building And Loan Association Is based on the The Cyclopedic Law Dictionary . This definition needs to be proofread..

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See Also

Savings and loan association.

Concept of Building And Loan Association in the context of U.S. Real Property

A short definition of Building And Loan Association: An organization for the purpose of accumulating a fund by subscription and savings of its members, to assist them with loans for building or purchasing real estate.

Concept of Building And Loan Association in the context of U.S. Real Property

A short definition of Building And Loan Association: An organization for the purpose of accumulating a fund by subscription and savings of its members, to assist them with loans for building or purchasing real estate.


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