Pond v. Waterloo Agricultural Works
Supreme Court of Iowa
Appeal from Black Hawk District Court. Action to foreclose a mortgage which it is claimed by the defendant was executed, or at least negotiated, without authority; that plaintiff is not a bona fide holder thereof, but that he procured the same through fraud and collusion with the officers of the corporation defendant. The defendants further claim that plaintiff is a stockholder in said corporation and is largely indebted thereto for such stock.
Read the full summary
Appeal from Black Hawk District Court. Action to foreclose a mortgage which it is claimed by the defendant was executed, or at least negotiated, without authority; that plaintiff is not a bona fide holder thereof, but that he procured the same through fraud and collusion with the officers of the corporation defendant. The defendants further claim that plaintiff is a stockholder in said corporation and is largely indebted thereto for such stock. The District Court found for the plaintiff and entered a decree accordingly. The defendants appeal.
1Opinion of the CourtSeevers, J.
I. On or about the 28th of July, 1873, the board of directors of the corporation defendant passed the following resolution: * * * “that it is expedient and it is hereby authorized by this board to create a loan on the real estate of the company, secured by mortgage, for a sum sufficient to pay the present indebtedness of the company as taken from their books, and that the president and secretary be authorized to negotiate said loan on the best terms to the company, and at a rate of interest and commission not exceeding twenty per cent. In case of said loan being taken to execute a mortgage…
2Cases cited4 opinions
- Collins v. GilbertSupreme Court of the United States · 1877
- Gage v. SharpSupreme Court of Iowa · 1867
- Gokey v. KnappSupreme Court of Iowa · 1876
- Lake v. ReedSupreme Court of Iowa · 1870
3Cited by8 opinions
- Reiger v. TurleySupreme Court of Iowa · 1911
- Boatwright v. American Life Insurance Co.Supreme Court of Iowa · 1920
- Perry Savings Bank v. FitzgeraldSupreme Court of Iowa · 1914
- McAnulty v. PeisenSupreme Court of Iowa · 1929
- Johnston v. MyersSupreme Court of Iowa · 1908
3 more not listed; retrieve them via the Exa API.