Welch v. Importers & Traders' National Bank
New York Court of Appeals
Appeal from order of tlie. General Term of the Supreme Court in the fifth judicial department, made November 11, 1887, which affirmed an order of the Special Term, so far as it. directed the payment of $41,099.88 to the Importers and Traders’ National Bank, and $9,277.53 to Henry 0. Hulbert, as hereinafter stated.
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Appeal from order of tlie. General Term of the Supreme Court in the fifth judicial department, made November 11, 1887, which affirmed an order of the Special Term, so far as it. directed the payment of $41,099.88 to the Importers and Traders’ National Bank, and $9,277.53 to Henry 0. Hulbert, as hereinafter stated. On December 17, 1865, the Niagara Falls Paper Manufacturing Company was organized (pursuant to chapter 40 of the Laws of 1848, and the acts amendatory thereof, with a capital stock of $85,000, divided into 170 shares of $500 each. The articles of association filed provided that…
1Opinion of the Court
Follett, Ch. J.
The receiver, who is the appellant, asserts that the mortgage given August 22, 1879, by the corporation to Lauren 0. Woodruff, is void for the following reasons: (1) Because there were but two shareholders when the assent to mortgage the property was signed ; (2) Because but two of the three persons were shareholders, who, .assuming to act as trustees, met and, by a resolution, authorized its execution; (3) Because Woodruff participated as shareholder, as trustee, and as president in its execution to himself; (4) Because it was not given for a debt owing by the mortgagor to the…
2Cases cited6 opinions
- Rochester Savings Bank v. . AverellNew York Court of Appeals · 1884
- Greenpoint Sugar Co. v. . WhitinNew York Court of Appeals · 1877
- Castle v. . LewisNew York Court of Appeals · 1879
- Davidson v. . Westchester Gas-Light Co.New York Court of Appeals · 1885
- Lord v. . Yonkers Fuel Gas Co.New York Court of Appeals · 1885
1 more not listed; retrieve them via the Exa API.
3Cited by13 opinions
- Health-Chem Corp. v. BakerCourt of Appeals for the Second Circuit · 1990
- Jackson v. HooperSupreme Court of New Jersey · 1910
- Leffert v. . JackmanNew York Court of Appeals · 1919
- McCarty v. Nostrand Lumber Co.Appellate Division of the Supreme Court of the State of New York · 1931
- Hamilton Trust Co. v. ClemesAppellate Division of the Supreme Court of the State of New York · 1897
8 more not listed; retrieve them via the Exa API.