Gallegos

The court below dismissed a bill filed by appellants to obtain appointment of ancillary receivers in aid of a primary receivership in Arizona and to obtain a decree establishing a lien in appellants on certain assets in Oregon.

Intermountain Building & Loan Association, hereafter called Intermountain, was organized under the laws of Utah, and issued “Installment Savings Stock” certificates by which it agreed to pay a stipulated sum to the holder thereof upon a specified maturity date if the holder made the installments required thereby. The certificates contained the following clause: “As security for the performance of the obligations of the Association hereunder, the Association will hold intact, subject to the constant examination and inspection of the banking department of the State of Utah, first mortgages on improved Real Estate in an amount equal to at least one hundred per cent of its liabilities hereunder, less the amount of any loans made on this and like certificates or any certificates issued in lieu thereof.”

A certificate, dated February 26, 1924, was issued to appellants Gallegos, husband and wife, in Arizona.

On July 7, 1924, Intermountain qualified and was…