Smith v. Los Angeles Immigration & Land Co-operative Ass'n
California Supreme Court
Appeal from a judgment of the Superior Court of Los Angeles County, and from an order refusing a new trial. The defendant pleaded an estoppel by a previous judgment rendered in a suit in equity brought by the defendant against the plaintiff and his assignor, which was alleged to have determined that the note here sued upon was made without any authority whatever, and was fraudulent and void.
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Appeal from a judgment of the Superior Court of Los Angeles County, and from an order refusing a new trial. The defendant pleaded an estoppel by a previous judgment rendered in a suit in equity brought by the defendant against the plaintiff and his assignor, which was alleged to have determined that the note here sued upon was made without any authority whatever, and was fraudulent and void. The findings and judgment offered in evidence did not in fact pass upon the validity of the note, but adjudged that a previous confession of judgment obtained therein by the plaintiff from the president…
1Opinion of the Court
The Court.
This is a suit on a promissory note purporting to have been executed by one Garey, president of the corporation defendant, in his own favor, and assigned after maturity to the plaintiff;
*292Conceding for the purpose of this decision that the sum for which the note was given was honestly due from the corporation to its president, the note was, nevertheless, invalid, unless authorized or ratified by the directors.
The judgment of the superior court in favor of plaintiff rests upon a finding that the execution of the note was duly authorized. But the evidence shows that the only authority…
2Cases cited1 opinion
- Wilbur v. HoughCalifornia Supreme Court · 1874
3Cited by24 opinions
- Hotaling v. HotalingCalifornia Supreme Court · 1924
- Park Hotel Co. v. Fourth Nat. Bank of St. LouisCourt of Appeals for the Eighth Circuit · 1898
- Doe v. Northwestern Coal & Transportation Co.U.S. Circuit Court for the District of Oregon · 1896
- Enright v. HeckscherCourt of Appeals for the Second Circuit · 1917
- Palo Alto Mutual Building & Loan Ass'n v. First National BankCalifornia Court of Appeal · 1917
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