Bank of Topeka v. Valk Manufacturing Co.

Citations

• 108 Kan. 176
• 194 P. 638
• 1921 Kan. LEXIS 5

Syllabus

<p>SYLLABUS BY THE COURT.</p> <p>1. Note and Mortgage — Assumed by Corporation — Corporation Dissolved — Directors Become Trustees — Payment on Note by Trustees Tolls Statute of Limitation. Where a corporation which has accepted a deed in which it assumes and agrees to pay a mortgage is dissolved the directors become trustees charged with the duty of winding up its business, and a payment in their behalf upon the note secured by the mortgage is to be regarded as one made by the debtor and is sufficient to toll the statute of limitation.</p> <p>2. Same — Pleadings—Evidence—Findings. The pleadings and evidence are held to warrant a finding that payments on a note by one who had been a director in a corporation which had become liable thereon and had afterwards been dissolved were made in behalf of the ex-directors acting as trustees.</p>