The action was brought to foreclose a mortgage executed by Masterplanned! Inc., to the plaintiffs in the sum of $58,400. The answer admits the execution and delivery of the mortgage and asserts two affirmative defenses: (1) lack of the necessary consent of two thirds of the stockholders to the execution of the mortgage; and (2) lack of consideration. The essentials of the undisputed facts will be stated briefly. The three individual plaintiffs were the owners of all the capital...
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