Hogsett v. Columbia Iron & Steel Co.

Citations

• 203 Pa. 148
• 52 A. 179
• 1902 Pa. LEXIS 672

Syllabus

<p>Corporations — President—Confession of judgment to president for advances.</p> <p>Where the directors of an insolvent corporation vote that if the president shall at once furnish funds and credit to operate the business of the company, and give it his active personal attention he shall be secured by a judgment confessed in his favor, and the president acts in accordance ■with the terms of the resolution, he will be entitled, on a subsequent sale of the property of the corporation, to the proceeds of the sale to satisfy the judgment confessed to him for advances, and this is the case although it may take all of the proceeds to pay the judgment.</p>