Carey-Halliday Lumber Co. v. Cain

Citations

• 70 Miss. 628

Syllabus

<p>1. Private Corporation. May act without seal. Agency.</p> <p>In making a sale of its piersona! property, a private corporation may act -without seal. Agency for the corporation in such case may be proved, and authority to act for it implied, as in case of natural persons.</p> <p>2. Same. BiU of sale. Authority of manager. Barol evidence.</p> <p>It i.s not essential to the validity of a bill of sale of the personal property of a private corporation that it .should he under seal. And parol evidence is admissible to show the authority of an agent or manager to execute such an instrument.</p> <p>3. Sale. Good faith. Agreement to reconvey. Bights of other creditors.</p> <p>Where a sale is made in good faith to pay or secure a creditor, the fact that there is an understanding that the property is to be reconveyed when the debt is paid will not invalidate the sale; nor will the fact that the purchaser knows there are other creditors, and is anxious to close the transaction before they can interfere. 80 held as against .attaching creditors in this ease, where an absolute bill of sale was given, which was not recorded, the purchaser, however, taking immediate possession.</p>