savings-and-loan association

savings-and-loan association

A financial institution ¡ª often organized and chartered like a bank ¡ª that primarily makes home-mortgage loans but also usu. maintains checking accounts and provides other banking services. ¡ª Often shortened to S & L.

¡ª Also termed loan association; thrift institution; thrift. Cf. BUILDING-AND-LOAN ASSOCIATION. [Cases: Building and Loan Associations 1, 24¨C40. C.J.S. Building and Loan Associations, Savings and Loan Associations, and Credit Unions ¡ì¡ì 2¨C4, 11, 18¨C19, 66¨C113, 115.]


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