Nellie A. G. Vought, Appellant v. Eastern Building and Loan Association of Syracuse, Respondent

Summary

The New York Court of Appeals reversed the lower courts, holding that the building and loan association's stock certificates created an absolute promise to pay $100 per share at maturity, that the ancillary provisions did not condition that promise, that the term “withdrawing shareholders” includes those withdrawing at or after maturity, that the plaintiff's failure to introduce the membership application was not fatal, and that an ultra vires defense is unavailable where the contract has been performed in good faith.