Eureka Iron & Steel Works v. Bresnahan
Michigan Supreme Court
Error to Muskegon. (Bussell, J.) Trover. Plaintiff brings error. The facts are stated in the opinion. The mortgage was properly executed by the proper officers, which execution was authorized by the board of directors; and a formal resolution was unnecessaryJones on Chat. Mortgages, § 51. A seal was also unnecessary: 1 Potter on Corp. § 37, citing 2 Kent’s Com.
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Error to Muskegon. (Bussell, J.) Trover. Plaintiff brings error. The facts are stated in the opinion. The mortgage was properly executed by the proper officers, which execution was authorized by the board of directors; and a formal resolution was unnecessaryJones on Chat. Mortgages, § 51. A seal was also unnecessary: 1 Potter on Corp. § 37, citing 2 Kent’s Com. (12th ed.) 289 ; and, if a further authority could be of any advantage, such execution was authorized by the entire body of stockholders. Subsequent knowledge and acquiescence by the directors and corporators are equivalent to previous…
1Opinion of the CourtSherwood, J.
On the nineteenth day of June, 1884, Charles E. Woodard, secretary. and treasurer, and H. S. Servoss, president, of the Woodard Manufacturing Company, executed a chattel mortgage upon all its property to the Muskegon Iron Works, a corporation of which said Woodard was also secretary and treasurer, he acting in both capacities by virtue of the by-laws of the corporation.
The mortgage was executed to secure the payment of the sum of $4,700. Four thousand two hundred dollars, however, was the actual amount then due from the mortgagor to the mortgagee, but inasmuch as the mortgagor was getting…
2Cases cited6 opinions
- Curtis and Others v. . LeavittNew York Court of Appeals · 1857
- Brady v. Mayor of BrooklynNew York Supreme Court · 1847
- Barnes v. . Ontario BankNew York Court of Appeals · 1859
- Madison, Watertown & Milwaukee Plank Road Co. v. Watertown & Portland Plank Road Co.Wisconsin Supreme Court · 1856
- Mayor of Macon v. Macon & Western R. R. Co.Supreme Court of Georgia · 1849
1 more not listed; retrieve them via the Exa API.
3Cited by28 opinions
- Quinlan v. Houston & Texas Central Railway Co.Texas Supreme Court · 1896
- National State Bank v. Vigo County National BankIndiana Supreme Court · 1895
- Ceeder v. H. M. Loud & Sons Lumber Co.Michigan Supreme Court · 1891
- Marvin v. AndersonWisconsin Supreme Court · 1901
- Preston National Bank v. George T. Smith Middlings Purifier Co.Michigan Supreme Court · 1890
23 more not listed; retrieve them via the Exa API.