First National Bank v. Tri-State Equipment & Repair Co.

Hatcher, Judge:

This is a creditors suit in which the circuit court cancelled certain notes and a deed of trust securing them, given in the name of Tri-State Equipment & Repair Company, as having been executed without corporate authority.

A charter was issued to Tri-State Equipment & Repair Company on July 5, 1921, authorizing it to operate a machine shop, do general repair business, contract buildings, purchase, sell and install machinery, acquire real estate, etc. On July 9, 1921, the directors of the company resolved to purchase-from Sutton Construction Company certain real estate at the…