Union Trust Co. of Maryland v. Rodeman

The following opinion was filed January 7, 1936:

Wickhem, J.(1) Upon defendant’s appeal.

The principal defense to the action of foreclosure is founded upon the conceded fact that neither the Union Trust Company of Maryland, one of the plaintiff trustees, nor the White-Price Company of Minnesota, with which defendant claims to have solely dealt, had, at the time of the transaction in question, satisfied the requirements of sec. 226.02 (2), Stats. 1925. This section reads as follows:

“(2) No corporation, incorporated or organized otherwise than under the laws of this state . . . shall transact…