Alston v. American Mortgage Co.

This case involves an interpretation of Section 8705 of the General Code (109 Ohio Laws, 231), which became effective August 14, 1921:

“A corporation may borrow money in any sum not exceeding the amount of its capital stock, issue its notes or coupon or registered bonds therefor, at such rate of interest as may be provided in such issue, and secure their payment by a mortgage of its property, real or personal, or both; provided, however, that a corporation formed to buy and sell real estate may borrow money, issue its notes or bonds secured by mortgage of its real estate in an amount not to…