Williams v. Bank of Commerce

Citations

• 71 Miss. 858

Syllabus

<p>1. Foreign Uorpobatton. Void contract. Consideration. Restoring status.</p> <p>Although a note and trust-deed given by a foreign corporation to secure a loan bo void in the state where made, because of a disregard by it of statutory requirements as to such corporations doing' business in the state, it cannot repudiate its contract without restoring the status quo by returning the money borrowed. Though the contract be void, if it be one free from moral turpitude, the corporation is liable for the money received thereunder. ,</p> <p>2. Same. Void loan. Consideration. New note'.</p> <p>Where such note and trust-deed wore executed in Tennessee, the trust-deed covering land in this state, and afterwards, their invalidity being discovered, the parties come to this state and execute a new note and trust-deed, the equitable liability of the corporation for the mqney received by it under the invalid contract is sufficient consideration to support (lie new note and trust-deed, which, being good under the laws of this state, may be enforced here.</p> <p>3. Same. Note payable in Tennessee. Validity.</p> <p>The more fact that the foreign corporation executing such new notes in this state, makes them payable in Tennessee, does not render them void, since, in so doing, it is not doing business in that state, and, if it were, it would be merely promising by the note to do what, in a proper action, the courts of Tennessee would compel it to do.</p> <p>4. Injunction. Trust-deed. Staying sate. Dissolution. Damages. ( Wr 1892, # 572.</p> <p>Section 572, code 1892, which allows damages at the rate of live per centum on the dissolution of an injunction -to stay sales under deeds of trust or mortgages with power of salo, applies whether the injunction bo sued out by a party to the instrument or by a stranger. If by the latter, the. damages, when awarded, may be collected by execution.</p> <p>5. Same. Statutory damages. When, exclusive.</p> <p>Where delay is the only damage.sustained b