building and loan association
- building and loan association
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An organization of people entitled to equal privileges, Cooperating by established periodic and equal payments per share in the creation of a common fund which may be loaned to any member for the purpose of building on property purchased therewith or on other property on which the association obtains a lien, and sharing the profits and losses of the association according to their respective interest. 13 Am J2d B & L Assoc § 1.
Building and loan associations are not commercial banks, and, in most jurisdictions, they are not classed as either savings banks or savings institutions. In a few states, they are permitted to perform functions in the nature of banking. 13 Am J2d B & L Assoc § 3.
See savings and loan association.
Ballentine's law dictionary.
Anderson, W.S..
1998.
Look at other dictionaries:
building and loan association — Another name for a savings and loan association. As the name implies, these institutions were originally meant to provide loans for building a house after the depositor had saved enough for a down payment. Category: Business, LLCs & Corporations… … Law dictionary
building and loan association — ˌbuilding and ˈloan associˌation noun [uncountable] FINANCE BANKING another word for a Savings and Loan Association * * * building and loan association UK US noun [C] (US FINANCE ► … Financial and business terms
building and loan association — noun : savings and loan association * * * building and loan association, = savings and loan association. (Cf. ↑savings and loan association) … Useful english dictionary
building and loan association. — See savings and loan association. * * * … Universalium
building and loan association. — See savings and loan association … Useful english dictionary
building and loan association — /ˌbɪldɪŋ ən ləυn əsəυsiˌeɪʃ(ə)n/ noun US same as savings and loan … Dictionary of banking and finance
permanent building and loan association — A building and loan association which issues its stock, not all at once, nor in series, but at any time when application is made therefor. Cook v Equitable Bldg. & Loan Asso. 104 Ga 814, 821 … Ballentine's law dictionary
serial building and loan association — A building and loan association whose stock is divided into series, each series being issued separately. Cook v Equitable Bldg. & Loan Asso. 104 Ga 814, 821, 30 SE 911 … Ballentine's law dictionary
foreign building and loan association — A building and loan association operating outside the jurisdiction of its origin or domicil. 13 Am J2d B & L Assoc § 122 … Ballentine's law dictionary
insolvent building and loan association — See insolvency of building and loan association … Ballentine's law dictionary
