Cleburne County Bank v. Butler Gin Co.

Butler, J.,

(after stating the facts). The first question for our determination is the validity of the mortgage of the Butler Gin Company executed July 11, 19'27, by O. B. Henderson, its president, and J. Q. Adams, its secretary. It is the contention of the appellee corporation and G. R. Butler that this mortgage was void for the reason that it was not authorized at any meeting-of the board of directors, and was made without the knowledge and consent of the stockholders, and that this unauthorized action on the part of the president and secretary had not been ratified by the corporation. There…