Fitch

This action was instituted to cancel a promissory note and mortgage for the sum of $9,439.04 purporting to have been given by the plaintiff to defendant Fitch. The court found the note to be valid to the extent of $1,787.89 and enjoined the defendants “from collecting any greater amount thereon,” and adjudged the mortgage to be a lien on the lands described therein “to the extent of said sum of $1,787.89 with interest.” From this judgment both the plaintiff and the defendants prosecute separate appeals.

Plaintiff corporation was organized with a capital stock of $75,000 divided into 75,000 shares of the par value of $1 each. With the exception of a few shares issued to certain persons to enable them to serve as directors, the defendant Chute owned or controlled all the capital stock up to May 15, 1915. On that day he sold and conveyed 47,156 shares to Ella Kleinecke, but at all times, prior to July 28, 1919, he continued to be president of the board of directors and controlled all of plaintiff’s corporate acts. July 15, 1916, defendant Chute, claiming that the plaintiff was indebted to him, in the sum of $9,439.04 for money advanced by him as president, treasurer, and general…