Atlantic Trust Co. v. Crystal Water Co.
Appellate Division of the Supreme Court of the State of New York
Appeal from special term, Richmond county. Action by the Atlantic Trust Company, as trustee, against the Crystal Water Company of Edgewater and another. From a judgment in favor of plaintiff, defendant company appeals.
1Opinion of the CourtJenics, J.
This is an action brought by the trustee to • foreclose a mortgage made by the defendant corporation, the Crystal Water Company of Edgewater, to secure bonds for $750,000, payable to trustee or bearer on July 1, 1910. The defendant’s answer is (1) that the bonds were given for no consideration, or for such an inadequate consideration as amounted to bad faith; (2) that they were ultra vires the corporation; (3) that the mortgage lacked the statutory assent of the stockholders; and (4) that the principal of the mortgage had never become due. I consider the defenses in their order.
1. The learned…
2Cases cited25 opinions
- Carpenter v. LonganSupreme Court of the United States · 1873
- Whitney Arms Co. v. . BarlowNew York Court of Appeals · 1875
- Farmers' Loan & Trust Co. v. New York & Northern Railway Co.New York Court of Appeals · 1896
- Woodruff v. . Erie Railway CompanyNew York Court of Appeals · 1883
- Hotel Co. v. WadeSupreme Court of the United States · 1878
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