Savings Bank of New-Haven v. Davis & Center
Supreme Court of Connecticut
This was a bill in chancery to foreclose the interest of the defendants in certain real estate mortgaged to the plaintiffs, by The President, Directors and Company of the Eagle Bank.
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This was a bill in chancery to foreclose the interest of the defendants in certain real estate mortgaged to the plaintiffs, by The President, Directors and Company of the Eagle Bank. On the hearing before Hosmer, Ch. J., at New-Haven, at an adjourned term in October, 1829, the plaintiffs, in support of their title, offered in evidence an instrument, which they claimed to be the deed of the Eagle Bank, executed by William McCrackan, their attorney, dated the 19th of September, 1825, mortgaging the estate described in the bill to the plaintiffs, to secure the payment of a debt due from the…
1Opinion of the CourtHosmer, C. J.
I. Whether the board of directors of the Eagle Bank, was duly assembled, is the first question in the case.
All the directors, who were in New-Haven, were notified to attend a meeting of the board, for the performance of important business. This, for ordinary transactions, was legal notice. That the security of a debt is of this description, and may be done at any stated meeting of the directors, is as unquestionable, as would be the payment of the same debt, or the discount of a promissory note. 1 Kyd on Corp. 430, 7, 8. 440. 443. *201Rex v. Grimes, 5 Burr. 2601. Rex v. Carlisle, 1 Stra. 386. The…
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