Southern Cotton Mills v. Parsons
Southern Cotton Mills v. Parsons
Opinion of the Court
This case was before the Supreme Court on a former occasion, on exception to a judgment rendered at an interlocutory hearing. Cooper v. Parsons, 136 Ga. 789 (72 S. E. 158). It was then decided: “3. A corporation issued bonds and executed a mortgage to secure them. Under an equitable petition filed by the trustee named in the mortgage, the property of the mortgagor was placed in the hands of receivers, and a decree of foreclosure was entered. The receivers sold at private sale the property covered by the mortgage, and, upon confirmation by the court, made a deed and delivered the property, the grantee paying an amount in cash, giving a certain note to the receivers for another amount, and assuming the payment of the bonds and buying-subject to the mortgage. Eeld, that the directors of the mortgagor had no such title or interest as authorized them to file, in their own names, as directors, a petition to enforce the contract of purchase from the original receivers or to seek to foreclose the mortgage, and to have new receivers appointed to take charge of the property sold.” Before this decision was rendered by the Supreme Court the demurrer was heard
Judgment reversed.
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