Appeal from the Circuit Court of Douglas County; the Hon.
HARRY L. PATE, Judge, presiding. Judgment adverse to plaintiff
Rehearing denied and opinion modified February 28, 1967.
Plaintiff, Forrest L. Morey, Administrator of the estate of George William Morey, appeals from a judgment of the Circuit Court of the Sixth Judicial Circuit, Douglas County, Illinois, holding that the defendant, Mary O'Brien, is the owner of Certificate No. 2352 issued by the Villa Grove Building and Loan Association, representing 50 fully paid shares in said Association.
George W. Morey, now deceased, purchased 50 installment shares in the Association, and the Association originally issued Certificate No. 2175 representing the shares. On July 2, 1958, Certificate No. 2175 was surrendered and Certificate No. 2276 was issued. George W. Henson, Vice-President of the Association, testified that on September 17, 1962, Mr. Morey paid the remaining balance due on the fifty shares, endorsed and surrendered Certificate No. 2276 and requested the reissuance of the certificate, stating that he would like to have it made out to "George W. Morey or Mary O'Brien or survivor." Donald E. Ryan made out the new certificate as directed, bearing Certificate No. 2352, and delivered it to Mr. Morey in exchange for Certificate No. 2276, which Mr. Morey endorsed. Mr. Morey stated, at the time, that Mary O'Brien was the only one that was good to him.
The face of the certificate was as follows:
"CERTIFICATE OF INSTALLMENT SHARES OF VILLA GROVE BUILDING AND LOAN ASSOCIATION, VILLA GROVE, ILLINOIS
"This Certifies that George W. Morey or Mary O'Brien or survivor member(s) of this association (is) (are) the owner(s) of 50 Installment Shares upon which the initial payment of dues per share has been made.
"The shares participate in the net earnings of the association such earnings to be apportioned periodically as the by-laws may provide. Dues payments are 60 cents per share each month and shall continue until the total dues paid in and all profits so apportioned aggregate the matured value of One Hundred Dollars per share.
"Shares represented by this certificate are subject to `Conditions' on reverse side hereof and are transferable only on the books of the association by the holder in person or by attorney upon surrender of the certificate properly indorsed.
"In Witness Whereof, The association has caused this certificate to be signed by its duly authorized officers this 17th day of September, A.D. 1962.
(SEAL) /s/ D.E. RYAN /s/ J.R. HENSON Secretary V. President"
Included in the conditions on the reverse side is the following:
"Second. The association may enforce retirement of shares in the manner provided by law. Shares may be withdrawn by the owner subject to such notice as may be required by the by-laws. Application to withdraw before the shares have reached matured value will be filed in the order in which they are received. Maturing shares are automatically filed as of the date of maturity. Payments will be made in the order filed from appropriations made by the directors out of the regular receipts of the association except that in the event of unusual demands they ...