Douglas County Bank v. Ayres
Douglas County Bank v. Ayres
Opinion of the Court
The Douglas County Bank, plaintiff in error, brought this action against F. L. Ayres, as receiver of .the Farmers’ State Bank, to recover upon a promissory note executed by one E. R. Grant, of which the following is a copy:
“ |1500. Augusta, Kan., January 5, 1891.
“Sixty days after date we, I, promise to pay to the Douglas County Bank, or order-, the sum of |1500, for value received, with interest from maturity at the' rate of ten per cent, per annum, and I hereby waive all benefits derived from and under the exemption laws of the state of Kansas, and have deposited with said bank as collateral security, with authority to sell the same at Lawrence or Augusta, Kan., at public or private sale, at its option, on the non-performance of this promise, the following certificates of stock in the Farmers’ State Bank, of Augusta, Kan., being number seventy-three (73) and seventy-four (74), of fifty shares each. E. R. Grant.”
Defendant demurred to the petition upon the ground that it did not state facts sufficient to constitute a cause of action in favor of the plaintiff and against the defendant. The demurrer was sustained, and judgment rendered upon the pleadings in favor of defendant. Plaintiff complains of the ruling and judgment, and brings the case here for review.
The petition is too long to be set out in this opinion, but, in substance, it alleged that Grant was cashier and general manager of the Farmers’ State Bank, and as such officer had power tó borrow money, rediscount bills and notes, and do all other acts necessary for the conducting of said banking business; that Grant, as said cashier, did sell and transfer to said plaintiff certain notes made payable to and belonging to said Farmers’ State Bank, and did indorse and
The petition then alleged that certain extensions of time for the payment of said indebtedness were granted, a new note being given each -time an extension was granted, and that the note in suit was given to secure an extension of such indebtedness. It was also alleged that the note in suit was executed by Grant as cashier and general manager of the bank for the sole use and benefit of the bank, and that the said indebtedness was duly recorded in the bank’s books at the . time by the proper officer thereof as a liability of said bank, and said promissory note was received and accepted from said cashier and general manager of said bank by said plaintiff as an indebtedness against said bank.
We think that the district court erred in sustaining the demurrer to the petition, and the cause will therefore be reversed, and remanded for further proceedings.
Case-law data current through December 31, 2025. Source: CourtListener bulk data.