Florida Clay Co. v. Vause

Citations

• 57 Fla. 407

Syllabus

<p>Equity — Bill to Cancel Mortgage — Demurrer.</p> <p>Where a bill in equity, filed by a party claiming under foreclosure sale under an admittedly second or junior mortgage, seeks cancellation of the first or senior mortgage upon the ground that the board of directors of the corporate mortgagor who authorized its execution were illegally elected at a meeting of stockholders, because at said 'meeting a large part, of the stock voted' belonged to a married woman who was not present at said' meeting, and because at the stockholders meeting that ratified' the action of said board of directors touching the execution of such mortgage said stock of such married woman was voted,, when she was not present, by some unnamed person claiming to ■ act for her under a power of attorney, a demurrer to such bill' is-properly sustained, such bill failing to allege that the said; stock of the married woman was in fact voted at said meetings: without any authority from her, even if it be permissible for-parties claiming under an admittedly junior or second mortgage to urge such matters as a defense to, or in assault upon;, a prior mortgage securing bonds in the hands of an innocent; third party who acquired them for value, before maturity and' without notice.</p>