Manhattan Hardware Co. v. Phalen
Pennsylvania Court of Common Pleas, Berks County
No. 316 January Term 1889, Sup. Gt.; court below, number and term not given. On September 30, 1887, Patrick Phalen, to the use of Francis A. Fales, assignee, issued a scire facias upon a mortgage executed by the Manhattan Hardware Company to Patrick Phalen dated February 21, 1887, and containing the following recital: “Whereas, at a duly convened meeting of the board of directors of the said Manhattan Hardware Company, held at their office in the city of Reading, on the…
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No. 316 January Term 1889, Sup. Gt.; court below, number and term not given. On September 30, 1887, Patrick Phalen, to the use of Francis A. Fales, assignee, issued a scire facias upon a mortgage executed by the Manhattan Hardware Company to Patrick Phalen dated February 21, 1887, and containing the following recital: “Whereas, at a duly convened meeting of the board of directors of the said Manhattan Hardware Company, held at their office in the city of Reading, on the twenty-first day of February, 1887, the following preamble and resolution were unanimously adopted: “ Whereas, The…
1Opinion of the Court
Opinion,
Mb. Justice McCollum:
The creditors of the Manhattan Hardware Company have no standing to contest this mortgage: Gordon v. Preston, 1 W. 385; Jones v. N. Y. Guaranty Co., 11 Otto 622. It is not a void instrument nor fraudulent as to them. It was given to secure a debt incurred by the company in the improvement of its property, and it was clearly within the power of the corporation to create the debt, and to execute the mortgage. It could" hold, purchase and transfer such real and personal property as its purposes required, not exceeding the amount limited by its charter or by law,…
2Cases cited2 opinions
- Ahl v. RhoadsSupreme Court of Pennsylvania · 1877
- Watts's AppealSupreme Court of Pennsylvania · 1874
3Cited by20 opinions
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- McKee v. Title Insurance Etc. Co.California Supreme Court · 1911
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