Reports of Cases Argued and Determined in the Supreme Court of Tennessee Volume 122

Reports of Cases Argued and Determined in the Supreme Court of Tennessee Volume 122

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This historic book may have numerous typos and missing text. Purchasers can usually download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1910 edition. Excerpt: ...purchaser of the note, and that the defenses interposed thereto are unavailing, even an innocent purchaser of commercial paper can only recover the actual amount paid out by him, with interest, when it appears that the maker of the note has a valid defense as against the payee. In examining this question the first inquiry that arises is in respect of the power of the defendant corporation to execute the note in question, The provisions of the charter of the Chapman-White Lyons Company, conferring on it power to issue negotiable paper, are as follows: "(7) To borrow money and issue notes or bonds upon the faith of the corporate property," etc. It is also authorized "to deal in merchandise in as full and ample a manner as is now allowed by law to individuals." Article 4 of section 1 of the by-laws authorizes the president to sign contracts for the company, and only requires the attestation of the secretary to such documents as require the corporate seal, and then only when necessary. Section 2 of article 4 provides that the vice president and general manager shall perform the duties of the president "in the absence or disability of-the president." Now, it will be observed that under its act of incorporation the defendant, Chapman-White-Lyons Company, is expressly authorized to issue notes or bonds, and in the present instance the note was executed by the vice president of the company, who, under its bylaws, is vested with the authority of the president, in the absence or disability of the president. The presi R a dent was expressly authorized by the by-laws to sig-I the contracts of the company, and this duty could, of course, be performed by the vice president in the absence or disability of more

Product details

  • Paperback | 180 pages
  • 189 x 246 x 10mm | 331g
  • United States
  • English
  • black & white illustrations
  • 1236974484
  • 9781236974488