When you look at the an extra cross-allege submitted of the Association on twenty eight, 1948, they so-called one for making this new developments of said $six,three hundred,000 so you can Ammann since the purported Conservator having Organization, San francisco bay area Financial or other cross-defendants „were using completely or even in region, money, fund, and assets, which they understood was belonging to, the home away from, and you will belonging to the Federal Home loan Lender away from La [otherwise belonging to their stockholders] and therefore said money, fund and you will assets was basically obtained of the get across-defendants of the fake and you will harmful seizure and you will confiscation away from told you Los Angeles Lender * * *.“
Further white was missing on individuals says by an argument from the advice having Los angeles manufactured in legal in the primary situation to the July 29, 1948. The guy mentioned:
A proper carrying of your Court was the investors off Relationship (Mallonee) was estopped, while the Association could be, off tricky the fresh new provisions of your own Operate, Family Owners‘ Mortgage Act away from 1933, and that signed up the latest Board so you’re able to suggest new small print around and therefore an effective conservator ed, 332 You
„I [Los angeles Lender] was saying claims to the brand new $6,3 hundred,100000 property value cards to the put on the registry of the courtroom, executed from the Ammann because the Conservator, and is also all of our say that the income accustomed create this type of loans, in the high part, was loans of your own Los angeles Financial.“
They mentioned that in the period while you are Ammann was at charges out of Connection while the Conservator, Association lent on Bank out of San francisco bay area amounts surpassing $six,300,000 and therefore sums was constantly secure as required around the fresh new terms of the Federal Mortgage Lender Operate and you will guidelines and you may guidelines adopted pursuant thereto, by the assignment and you will promise out of You Authorities Securities, promissory notes shielded because of the mortgages otherwise deeds from trust towards the real possessions, and you can stock stored by said Association from inside the said Financial away from San Francisco. Continue reading „This new list in the primary situation falls out further light for the impounded funds“