Powell v. Blair

Northampton County Court of Common Pleas

Powell v. Blair

19 A. 559, 133 Pa. 550, 1890 Pa. LEXIS 933

CourtPennsylvania Court of Common Pleas, Northampton County

DecidedMarch 24, 1890

DocketNo. 237

StatusPublished

Cited by3 cases

This text of 19 A. 559 (Powell v. Blair) is published on Counsel Stack Legal Research, covering Pennsylvania Court of Common Pleas, Northampton County primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Powell v. Blair, 19 A. 559, 133 Pa. 550, 1890 Pa. LEXIS 933 (Pa. Super. Ct. 1890).

Pincite

Opinion

Per. Curiam:

There is nothing in this case to overturn the findings of fact by the master, approved as they are by the court below. The mortgage in question was given to Mr. Blair by the Bangor Union Slate Company for borrowed money. This money was admittedly applied by the company to the payment of the purchase money of its real estate. That Mr. Blair also received certain shares of the stock of the company, with the notes of the officers, as collateral or additional security, is not to the purpose. When Mr. Blair parted with his $37,000, he had a right to all the security the company or its officers were willing [555]*555to give him. If any of the shares of stock were irregularly issued, it comes with an exceeding ill grace for the company or any of its members to seek to invalidate them in his hands. If they want to raise such a question, let them first pay Mr. Blair his money. They will then be in a better position to engage in such an inquiry. The argument that the mortgage is void because transgressive of article XVI., § 7 of the constitution, will not bear examination. The mortgage did not increase the indebtedness of the corporation; it merely changed its form. We find nothing in the case to sustain or to justify the charges of conspiracy and fraud so freely made in the bill.

The decree is affirmed, and the appeal dismissed, at the costs of the appellants.

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Per. Curiam:

There is nothing in this case to overturn the findings of fact by the master, approved as they are by the court below. The mortgage in question was given to Mr. Blair by the Bangor Union Slate Company for borrowed money. This money was admittedly applied by the company to the payment of the purchase money of its real estate. That Mr. Blair also received certain shares of the stock of the company, with the notes of the officers, as collateral or additional security, is not to the purpose. When Mr. Blair parted with his $37,000, he had a right to all the security the company or its officers were willing [555]*555to give him. If any of the shares of stock were irregularly issued, it comes with an exceeding ill grace for the company or any of its members to seek to invalidate them in his hands. If they want to raise such a question, let them first pay Mr. Blair his money. They will then be in a better position to engage in such an inquiry. The argument that the mortgage is void because transgressive of article XVI., § 7 of the constitution, will not bear examination. The mortgage did not increase the indebtedness of the corporation; it merely changed its form. We find nothing in the case to sustain or to justify the charges of conspiracy and fraud so freely made in the bill.

The decree is affirmed, and the appeal dismissed, at the costs of the appellants.

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Bluebook (online)

19 A. 559, 133 Pa. 550, 1890 Pa. LEXIS 933, Counsel Stack Legal Research, https://law.counselstack.com/opinion/powell-v-blair-pactcomplnortha-1890.

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