Heath v. Silverthorn Lead Mining & Smelting Co.
Wisconsin Supreme Court
APPEAL from the Circuit Court for La Fayette County. Action commenced, in 1871, for a foreclosure of a mortgage alleged to Rave been executed by the Silverthom Lead Mining <& Sméltwig Compa/wy in July, 1867, to secure its promissory note to one Law for $15,000, payable in three years witli interest. These instruments are averred to have beeu transferred and assigned by Law to the plaintiff before due, for value.
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APPEAL from the Circuit Court for La Fayette County. Action commenced, in 1871, for a foreclosure of a mortgage alleged to Rave been executed by the Silverthom Lead Mining <& Sméltwig Compa/wy in July, 1867, to secure its promissory note to one Law for $15,000, payable in three years witli interest. These instruments are averred to have beeu transferred and assigned by Law to the plaintiff before due, for value. It is alleged that one "Ward, then being the secretary of said company, borrowed said sum of $15,000 of Law, executed and delivered said note therefor, and also executed and delivered…
1Opinion of the CourtCoXjE, J.
The counsel for tlie defendant company insist ’that the note and mortgage in suit are invalid for tbe reason that the corporation had no legal existence and no authorized officers or agents to act for and bind it in such contracts when these instruments were executed. No meeting of the incor-porators was held in this state for the purpose of choosing directors and organizing the company until after these instruments were executed, and on that ground it is claimed they are null and void. The records of the company show that the first regular meeting of the board of directors created by the…
2Cases cited2 opinions
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