Cheney v. San Francisco Mines, Inc.

LARSON, Justice.

Action to foreclose a mortgage on mining property. The-trial court denied foreclosure, cancelled the mortgage, and dismissed the action. Plaintiff appeals. The action grows-out of the following facts: In December, 1937, a Utah corporation was organized under the name of San Francisco Mines, Inc. Hereinafter it will be referred to as the corporation. The capital was $250,000, divided into 5,000,000-shares of the par value of five cents (5t¡¡) per share. All of the stock was subscribed at the time of incorporation— 500,000 shares in cash and the balance of the capital stock…