Johnson v. California Lustral Co.

BRITT, C.

Suit to foreclose a mortgage made by'defendant to secure payment of its two promissory notes, each for the sum of five thousand 'two hundred and thirty-six dollars, besides interest. The property mortgaged is a tract of land owned by defendant containing about one hundred and four acres. The defense is founded on the act of the legislature entitled, “An act for the further protection of stockholders in mining companies,” approved April 23, 1880 (Stats. 1880, p. 131); the first section whereof provides, among other things, that “it shall not be lawful for the directors of any mining…