Hair v. Byars

FOSTER, Circuit Judge.

In this case there is no dispute as to the material facts, which are as follows. Sum-merville Cotton Mills, a Georgia corporation, owned and operated a .textile plant, an ice plant, a gin, a cotton oil mill, and a waterworks system in the town of Summer-ville, Ga. In October, 1925, the -board of directors of the company and its stockholders adopted resolutions by unanimous vote authorizing the issuance of bonds in the aggregate sum of $400,000, to be secured by a deed of trust covering all the said property. In June, 1935, default having occurred on the bond issue, the…