Olcott v. . Tioga Railroad Company: Same v. . Same.

Summary

The Court affirmed the lower referee’s judgment, holding that the president of the Tioga Railroad Company had authority—by board delegation and subsequent ratification—to bind the corporation by bills and notes, that the corporation could lawfully contract with another railroad for joint ownership of locomotives, that a single seal on a notary’s certificate suffices for authentication, and that a mortgagee of chattel may purchase the property at sale and hold it free of any equity of redemption, the purchase being voidable only at the mortgagor’s election.