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Veix v. Sixth Ward Building & Loan Assn., 310 U.S. 32 (1940)
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General SummaryThis case is from a collection containing the full text of over 16,000 Supreme Court cases from 1793 to the present. The body of Supreme Court decisions are, effectively, the final interpretation of the Constitution. Only an amendment to the Constitution can permanently overturn an interpretation and this has happened only four times in American history.
Veix v. Sixth Ward Building & Loan Assn., 310 U.S. 32 (1940)
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Veix v. Sixth Ward Building & Loan Association of Newark No. 567 Argued March 6, 1940 Decided April 22, 1940 310 U.S. 32
APPEAL FROM THE SUPREME COURT OF NEW JERSEY
Syllabus
1. On appeal under Jud.Code § 237(a) from a judgment of a state court sustaining the constitutionality of a state statute, this Court does not consider the application of later amendatory statutes which were not considered by the state court in its opinion. P. 36.
2. For the sake of safeguarding the solvency of building and loan associations in the public interest, a state legislature may, independently of emergency and consistently with the contract clause of the Constitution, restrict the rights of certificate holders, existing under statutory regulations in force when they acquired their certificates, to withdraw or recover by suit the amounts of their certificates. P. 38.
3. When the plaintiff purchased his certificates, the statutes of New Jersey permitted him to withdraw upon written notice and provided that withdrawals should be paid in the order in which notices were received at least one-half of the receipts in any month being assigned to this purpose; if not paid in six months, the shareholder could recover withdrawal value by suit. The amendatory Act, here sustained, defined the receipts from one-half of which withdrawals were to be satisfied, provided that if, in any month, the funds payable for withdrawals were insufficient to pay all withdrawing members, they were to receive $500 each in the order of priority until the fund for withdrawals was exhausted; withdrawal payments were subordinated to payment of matured shares, and, so long as the funds of an association were applied as required by the amendment, no member could sue for the withdrawal value of his shares. Pp. 34-36.
123 N.J.L. 356, 8 A.2d 350, affirmed.
Appeal from the affirmance of a judgment dismissing the complaint in the suit brought by Veix against the Building & Loan Association to recover the amount of his paid up shares, with interest.
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Chicago: U.S. Supreme Court, "Syllabus," Veix v. Sixth Ward Building & Loan Assn., 310 U.S. 32 (1940) in 310 U.S. 32 310 U.S. 33–310 U.S. 34. Original Sources, accessed November 22, 2024, http://originalsources.com/Document.aspx?DocID=9VXF29Q42857I9M.
MLA: U.S. Supreme Court. "Syllabus." Veix v. Sixth Ward Building & Loan Assn., 310 U.S. 32 (1940), in 310 U.S. 32, pp. 310 U.S. 33–310 U.S. 34. Original Sources. 22 Nov. 2024. http://originalsources.com/Document.aspx?DocID=9VXF29Q42857I9M.
Harvard: U.S. Supreme Court, 'Syllabus' in Veix v. Sixth Ward Building & Loan Assn., 310 U.S. 32 (1940). cited in 1940, 310 U.S. 32, pp.310 U.S. 33–310 U.S. 34. Original Sources, retrieved 22 November 2024, from http://originalsources.com/Document.aspx?DocID=9VXF29Q42857I9M.
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