Barrymore

There is presented upon these appeals the question of law whether appellants are entitled to priority, over investment certificate holders, as claimants against the defendant Guaranty Building & Loan Association, in the payment of the respective amounts allowed them by the eourt below with 7 per cent, interest.

The appellee Guaranty "Building & Loan Association of Los Angeles was incorporated May 3, 1921, as a building and loan association pursuant to the provisions of title 16 • of the Civil Code of California (section 633 et seq.), as revised in 1907 (St. Cal. 1907, p. 923). The articles of incorporation provide for a guarantee capital stock of $600,000 divided into 5,000 shares of the par value of $100 each (increased in 1930 to $2,000,000) and that additional working capital may be accumulated by the issue of membership shares, units, or certificates in the manner provided in said title. There were issued 4,-000 shares of the guarantee capital stock of the par value of $400,000 all of which was outstanding at the date of the appointment of the receiver herein; 656 full paid membership shares of the par value of $100 each, and 429 installment membership shares, the amount paid…