Brown v. Royal Battery Corp.

The complainant seeks to foreclose his mortgage which was executed by the defendant corporation on June 11th, 1937. He charges defaults in the payment of municipal taxes. The amended answer and counter-claim of the defendant Joshua A. Davis alleges a waiver of the tax defaults.

On August 30th, 1940, the complainant, Brown, owned and held preferred stock of the defendant corporation, and six of the ten shares of its common stock issued and outstanding. The remaining four shares of the common stock, with 372 1/2 shares of the preferred stock, he held as collateral security for loans made to…