Bundy v. Iron Co.
Ohio Supreme Court
Error to District Court of Jackson county. The defendant in error, tlie Ophir Iron Company, was a manufacturing corporation, incorporated under the laws of Ohio, and consisted of tens stockholders including H. S. Bundy, the plaintiff in error.
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Error to District Court of Jackson county. The defendant in error, tlie Ophir Iron Company, was a manufacturing corporation, incorporated under the laws of Ohio, and consisted of tens stockholders including H. S. Bundy, the plaintiff in error. December 3, 1874, the company being in embarrassed circumstances, applied to Bundy for assistance, and thereupon, at the request of, and for the sole benefit of said company, Bundy endorsed the two certain promissory notes of the company of $5,000 each, one of them dated December 5, 1874, and the other dated January 1, 1875; and both payable to the…
1Opinion of the Court
"White, J.
The controversy in this case is between Bundy, claiming as first mortgagee, subsequent judgment creditors, and creditors claiming under the second mortgage.
Two questions arise for consideration: (1) Whether the execution and record of the mortgage of December 5,1874, to Bundy give him priority ? and, (2) If not, does the recognition of the first mortgage in the second, of April 17, 1875, have that effect?
As to the first question: The consideration upon which Bundy indorsed the notes as surety of the corporation, was that the latter should give him a mortgage upon its property,…
2Cases cited1 opinion
- Huber v. Huber's AdministratorsOhio Supreme Court · 1841