Maxol Syndicate, Inc. v. N. T. Hegeman Co.

The plaintiff is a closed corporation practically controlled by its president, Samuel Brooks. The defendant N. T. Hegeman Co., Inc., is also a closed corporation virtually controlled by its president, Max Germaine. The plaintiff owned a parcel of improved real estate upon which the corporate defendant held a demand mortgage given to it by the plaintiff. The plaintiff mortgagor was in default and the defendant mortgagee through its president, Max Germaine, secured possession of the premises.

Thereafter a lease of the mortgaged premises was made in the name of Max Germaine individually, as…