Mathews v. Life Insurance Co.

The Twenty-Nine Collingwood Avenue Corporation, organized for profit, gave a mortgage on an apartment building in 1928. Thereafter, for failure to pay the annual franchise fee and file annual reports for two consecutive years, the charter of the corporation became “absolutely void, without any judicial proceeding whatsoever.” Act No. 327, § 91, Pub. Acts 1931. Nevertheless it continued for three years after loss of its charter to be a body corporate for the purpose of prosecuting and defending suits for or against it and of enabling it, gradually, to settle and close its affairs and to…