Watson v. Columbia Bridge Co.

Citations

• 13 S.C. 433
• 1880 S.C. LEXIS 68

Syllabus

<p>A, having purchased all the shares of an incorporated bridge company, hypothecated the stock and mortgaged the property to secure certain notes, and, after that, contracted with a builder to repair the bridge. For a balance due for such repairs, the builder, within the time required by statute, filed the notice and petition necessary to secure a mechanics’ lien, and obtained judgment thereon against A in his own name, with a decree for the sale of the bridge to satisfy the lien. The shares of stock were after-wards sold under a power given by A at the lime of their hypothecation, ■and the purchasers, claiming to be the corporators, resisted payment of the decree. Upon action brought a year afterwards against the corporation in their corporate name to have this decree enforced against the bridge property — Held, that a decree in this action directing its sale for the satisfaction of the lien, was proper.</p>