Martin v. Niagara Falls Paper Manufacturing Co.
New York Court of Appeals
Appeal from judgment of the General Term of the Supreme, Court in the fifth judicial department, entered upon an order made April 19, 1887, which affirmed a judgment in favor of plaintiff entered upon the decision of the court on trial at Special Term. This action was to foreclose a mortgage.
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Appeal from judgment of the General Term of the Supreme, Court in the fifth judicial department, entered upon an order made April 19, 1887, which affirmed a judgment in favor of plaintiff entered upon the decision of the court on trial at Special Term. This action was to foreclose a mortgage. The Manufacturers and Traders’ Bank was a banking association organized under the state laws, engaged in business at Buffalo, and the Miagara Falls Paper Manufacturing Company was organized under the General Act of 1848 relating to manufacturing corporations. The mortgage in suit was dated Movember 18,…
1Opinion of the CourtBrown, J.
The Niagara Falls Paper Manufacturing Company was a corporation organized pursuant-to the General Manufacturing Act of this state (Chap. 40, Laws of 1848), and its right to mortgage its real estate, was limited by section 2 of that act, and the amendatory act of 1864 (Chap. 517), and of 1871 (Chau. 481).
The last-named act provided that “any corporation formed under the said act * * * may secure the payment of any debt heretofore contracted, -or which ■ may be contracted, by it in the business for which it was incorporated by mortgaging all or any part of the real or personal estate of such…
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