87 Ga. 751 | Ga. | 1891
The Pendleton Guano Company, a corporation, desiring to borrow nioney from the Georgia Railroad & Banking Company, executed, by its president W. M. Pendleton, and its treasurer E. A. Werner, a promissory note for twenty thousand dollars, payable to the order of Chas. G. Goodrich, cashier, at the Gate City National Bank, Atlanta, Ga. The note was not indorsed by the payee, but was indorsed by W. M. Pendleton, C. K. Maddox and others, all ’of whom were stockholders, and most of them directors, of the corporation, they simply signing their names across the back of the note. All this was done before the note was delivered to the banking company, which advanced the money upon it as above executed and indorsed. This note did not contain any stipulation for attorneys’ fees, but on the day of its execution, the corporation, by its said president and treasurer, made a mortgage upon realty and personalty in favor of Goodrich, cashier, to secure said note, and the mortgage contained a stipulation that in case said note was not paid at maturity, it might be foreclosed for principal, interest, and the costs and expenses of collection, including ten per cent, attorneys’ fees. Afterwards suit was brought on the note, judgment was rendered thereon by the court without the intervention of a jury, and the mortgage was foreclosed for principal, iuterest, cost, and ten per cent, attorneys’ fees. The mortgage ./h fa. having been levied on the mortgaged property, the guano company was seeking;