Case Name: VANDEMARK v. ACTUATING FARM GATE CO.
Court: Ohio Court of Appeals
Jurisdiction: Ohio
Decision Date: 1928
Citations: 6 Ohio Law Abs. 204
Docket Number: 
Parties: VANDEMARK v. ACTUATING FARM GATE CO.
Judges: Judges of the Second District sitting in place of Judges Pardee, Washburn and Funk of the 9th Disk
Reporter: The Ohio Law Abstract
Volume: 6
Pages: 204–204

Head Matter:
VANDEMARK v. ACTUATING FARM GATE CO.
Ohio Appeals, 9th Disk, Lorain Co.
Judges of the Second District sitting in place of Judges Pardee, Washburn and Funk of the 9th Disk
Findlay & Meyers, Elyria, for Vandemark.
R. H. Rice, Elyria, for Savings Deposit Bk. & Tr. Co.
Fauver & Cheney, Elyria, Tolies, Hogsett, Ginn & Morley, and Wm. B. Cockley, Cleveland, for Elyria Iron & Steel Co.

Opinion:
KUNKLE, J.
1. Where a subscriber to the capital stock of a private corporation gave a promissory note in payment of such stock, and the company gave a mortgage to secure its indorsement, both the giving of the note and the securing of the note by the giving of a mortgage are valid transactions.
2. When a corporation incurs debts in excess of the amounts allowed by its charter, such indebtedness will be valid in the absence of notice to the party taking such obligation.
(Allread and Ferneding, JJ., concur.)
For reference to full opinion, see Omnibus Index, last page, this issue.