Fidelity Insurance Company v. German Savings Bank

Corporations: PURCHASE OF BANK STOCK: RATIFICATION. Where 1 the president and secretary of a corporation without previous authority accepted bank stock and certificates of deposit in part payment of an indebtedness due it, and the directors with knowledge of the arrangement subsequently treated the stock as a portion of the company's assets and collected the certificates of deposit, the act of such officers was thereby ratified.

Unauthorized act of officers: REPUDIATION. Where the officers of 2 an insurance company accepted bank stock and certificates of deposit in payment of a claim against…