Baker v. Marvel Creek Mining Co.

Citations

• 5 Alaska 348

Syllabus

<p>1. Corporations <S=4S2(9)—Attorneys’ Fees—Costs.</p> <p>Section 1341, Comp. Laws Alaska 1913, provides that tbe measure and mode of compensation of attorneys shall be left to tbe agreement, expressed or implied, of the parties. A stipulation for an attorney’s fee in a mortgage given by a corporation is valid, when reasonable.</p> <p>2. Corporations <&wkey;476(3)—Mechanics’ Liens.</p> <p>Several laborers had filed mechanics’ liens on the defendant company’s property for services, and others were prepared to do so. The company was financially embarrassed and could not pay. The officers of the company compromised with them by giving a note and mortgage to a trustee for the entire sum due them. On foreclosure the company sought to avoid the payment. Held, a mortgage executed in settlement of a suit or controversy, for a debt actually due, is supported by a sufficient consideration, and is valid.</p> <p>3. Corporations &wkey;>298(5)—Power oe Directors.</p> <p>The defendant corporation was indebted to its mining employés in considerable sums for past-due wages. Some of them had filed liens, and others were preparing to do so. A meeting of its board of directors was called, at which onlx. three of the five directors of the company attended. The other two were not notified, on account of their absence and the distance and necessity for prompt action. The three who did attend (one of them being the president and another the secretary) authorized the execution of a note and a mortgage, to be executed by the president and secretary, to secure the amount due to the men, to run to a trustee named by the employes, which was done. On foreclosure, the company sought to avoid the mortgage as ultra vires. Held, the action’of the board of directors in making the note and mortgage in the absence of the other two directors was without fraud and valid.</p> <p><§=»See same topic & KEY-NUMBER in all Key-Numbered Digests & Indexes</p>