1. Building and Loan Associations — Contract with Borrowing Stockholders — Application op Payments.

Where a borrowing stockholder in a building and loan association for eight years made the monthly payments required, and acquiesced in their application, in accordance with the terms of the written contract, with full knowledge of such terms, a court will not make a different rule for their application merely because the borrower may have believed, when the contract was made, that a different application should be made, but the contract, if enforceable at all, will be enforced as the parties made it.

2. Same — Depense op Ultra Vires — Estoppel.

Where the contract between a building and loan association and a borrowing stockholder which is a private corporation has been fully executed by the association, and the borrower has received and used the money, it cannot defeat the enforcement of the contract against it, in accordance with its terms, on the ground that the contract on its part was ultra vires because of its want of power to become a stockholder in another corporation.

3. Same.

Where a private corporation organized for benevolent purposes, and having no power under the laws of the state to become a stockholder in another corporation, subscribed for stock of a building and loan association, from which it also borrowed money, and made the payments required by the contract until the amount paid in dues, premiums, and interest exceeded the sum borrowed, with legal interest, such payments must be applied in satisfaction of the loan, which is the only lawful part of the contract, and the corporation is not estopped, under the rule of the Supreme Court of the United States or of the Supreme Court of the state of Washington, to set up its want of power as ground for cancellation of the contract as to any further liability. Per Gilbert, Circuit Judge, dissenting.