Wall v. Seventy Pierrepont Street Corp.

Appellate Division of the Supreme Court of New York

Wall v. Seventy Pierrepont Street Corp.

216 A.D. 772

Appellate Division of the Supreme Court of the State of New York·Decided March 15, 1926·Published

Opinion

— Judgment unanimously affirmed, with costs. Assuming, without deciding, that the appellant stockholder is in a position to raise the question of the alleged invalidity of the mortgage in suit, we think her claim unavailing so long as the corporation has and retains the benefit of the money loaned on the faith of the mortgage. (Hamilton Trust Co. v. Clemes, 17 App. Div. 152; affd., 163 N. Y. 423.) The finding that the mortgagees were without knowledge of the by-laws is approved. Present — Kelly, P. J., Rich, Young, Kapper and Lazansky, JJ.

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— Judgment unanimously affirmed, with costs. Assuming, without deciding, that the appellant stockholder is in a position to raise the question of the alleged invalidity of the mortgage in suit, we think her claim unavailing so long as the corporation has and retains the benefit of the money loaned on the faith of the mortgage. (Hamilton Trust Co. v. Clemes, 17 App. Div. 152; affd., 163 N. Y. 423.) The finding that the mortgagees were without knowledge of the by-laws is approved. Present — Kelly, P. J., Rich, Young, Kapper and Lazansky, JJ.

Wall v. Seventy Pierrepont Street Corp., 216 A.D. 772 (N.Y. Ct. App. 1926).

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Opinion

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