Hallam v. Indianola Hotel Co.
Supreme Court of Iowa
Appeal from, Warren District Court. The defendant E. W. Perry and the defendant J. E. Lucas each obtained a decree of foreclosure of a real estate mortgage against the defendant, the Indianola Hotel Co., a corporation duly incorported under the laws of Iowa. An execution sale was made thereon, and the property was purchased by Perry for the amount of both decrees. and interest and costs, and the property is now held by him for himself and Lucas.
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Appeal from, Warren District Court. The defendant E. W. Perry and the defendant J. E. Lucas each obtained a decree of foreclosure of a real estate mortgage against the defendant, the Indianola Hotel Co., a corporation duly incorported under the laws of Iowa. An execution sale was made thereon, and the property was purchased by Perry for the amount of both decrees. and interest and costs, and the property is now held by him for himself and Lucas. The plaintiff Hallam is a stockholder in the hotel company and he brings this action to set aside the sale, and the decrees, and the mortgages upon…
1Opinion of the Court
Adams, Oh. J.
One of the mortgages is exceedingly informal, and neither appears to have been executed by the authority of the board of directors of the defendant company. If,, therefore, the foreclosure of the mortgages had been resisted by the company it seems doubtful to us whether the decrees thereon could properly have been; obtained. But having been obtained they constitute an adjudication, and are binding up m the company unless they were obtained by fraud. It appears to us also that if the company is bound by them all the stockholders are bound by them, including the plaintiff. His…
2Cases cited4 opinions
- Twin-Lick Oil Co. v. MarburySupreme Court of the United States · 1876
- Koehler v. Black River Falls Iron Co.Supreme Court of the United States · 1863
- Cumberland Coal & Iron Co. v. ShermanNew York Supreme Court · 1859
- Drury v. CrossSupreme Court of the United States · 1869
3Cited by29 opinions
- Wyman v. BowmanCourt of Appeals for the Eighth Circuit · 1904
- O'Bear Jewelry Co. v. Volfer & Co.Supreme Court of Alabama · 1894
- Bank of Montreal v. J. E. Potts Salt & Lumber Co.Michigan Supreme Court · 1892
- Des Moines Bank & Trust Co. v. George M. Bechtel & Co.Supreme Court of Iowa · 1952
- Brown v. Grand Rapids Parlor Furniture Co.Court of Appeals for the Sixth Circuit · 1893
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