Brown v. Farmers' Supply Co.

Citations

• 23 Or. 541
• 32 P. 548
• 1893 Ore. LEXIS 58

Syllabus

<p>Mortgage by Corporation.— It is essential to the proper execution of a deed or mortgage by a corporation that it be done in the name of, and in behalf of, the corporation, and under its corporate seal. Eagle Woolen Mills v. Montieth, 2 Or. 285; Me St. Helens Mill Co. 3 Saw. 88, cited.</p> <p>Idem — Equitable Mortgage. — A defectively executed mortgage may be enforced as an equitable mortgage, but it must appear that the mortgagor agreed to pledge the property mentioned, and that he attempted to carry out the agreement.</p> <p>Mortgage — Oppicers op Corporation.— The fact that certain persons are officers of a corporation does not authorize them to mortgage the corporate property, unless authorized by the board of directors. Luse v. Isthmus My. Co. 6 Or. 125, cited.</p> <p>Equitable Mortgage — Corporations.— A mortgage reciting that a certain corporation has conveyed, etc., executed by persons signing themselves respectively “president” and “secretary,” sealed with their seals and acknowledged by them personally, but not showing that these persons are corporation officers, or that the instrument is executed by corporate authority, is not the contract of the corporation; nor will such an instrument be enforced as an agreement to mortgage, or as an equitable mortgage, without proof that the corporation received the consideration, or that the instrument was executed for a corporation debt, or that the corporation was liable for the debt. *</p>