Sanford Fork & Tool Co. v. Howe Brown & Co.
Supreme Court of the United States
APPEAL FROM THE CIRCUIT COURT OF THE UNITED STATES FOR THE DISTRICT OF INDIANA. This was a suit commenced in the Circuit Court of the United States for the District of Indiana by the appellees', creditors of the Sanford Fork & Tool Company, to set aside a mortgage given by such company to secure certain of the directors and stockholders of the company .for indorsements made by them of the company’s paper.
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APPEAL FROM THE CIRCUIT COURT OF THE UNITED STATES FOR THE DISTRICT OF INDIANA. This was a suit commenced in the Circuit Court of the United States for the District of Indiana by the appellees', creditors of the Sanford Fork & Tool Company, to set aside a mortgage given by such company to secure certain of the directors and stockholders of the company .for indorsements made by them of the company’s paper. No proofs were taken, and the case was disposed-of on the bill and answer, and a decree entered in favor of the plaintiffs, adjudging such mortgage -invalid as against them. The facts…
1Opinion of the Court
Mr. Justice Brewer,
after stating the case, delivered .the opinion of the court.
In the absence of any testimony, and in the manner in which this case was submitted for decision, it must be assumed that the matters alleged in the bill and not denied in the answer and the new matters set forth in the answer are true. And the question which arises is whether, upon these admitted facts, the decree in favor of the plaintiffs can be sustained.
' The manufacturing business in which the corporation was engaged was a new enterprise. It had been carried on for only about eighteen months. In that business…
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