Milledgeville Banking Co. v. McIntyre Alliance Store

Lumpkin, Justice.

Certain creditors of the McIntyre Alliance Store, a mercantile corporation, brought against it an equitable petition for injunction and the-'appointment of a receiver, to which the directors of the corporation and several preferred cred*504itors in whose favor mortgages had been executed were also made parties defendant. The petition attacked these mortgages upon two grounds: (1) because given by the president without authority legally conferred upon him by the board of directors or stockholders of the corporation; and (2) because the execution and delivery of the same were…