Union Trust Co. v. Pittsburg Buffalo Co.

Citations

• 251 Pa. 1
• 95 A. 855
• 1915 Pa. LEXIS 627

Syllabus

<p>Corporations — Use of corporate property — UUra Vires Act — Evidence — Insufficient evidence — Findings of fact — Appeals.</p> <p>While a mortgage issued by a corporation for the express purpose of raising funds to be used for the advantage of another corporation is invalid when the mortgagee is shown to have had knowledge of the purpose and to have consented to the wrongful use, a decree sustaining the validity of a mortgage will not be reversed where the court has found upon sufficient evidence that money loaned upon such security was not loaned with the understanding that it was to be applied by the borrower for a purpose other than its own legitimate corporate uses.</p>