Hamilton v. Young

Citations

• 116 Kan. 128
• 225 P. 1045
• 35 A.L.R. 496
• 1924 Kan. LEXIS 32

Syllabus

<p>SYLLABUS BY THE COURT.</p> <p>1. Association — In Form a Massachusetts Trust — Possessing the Powers and Privileges Characteristic of a Corporation — A Legal Entity Distinct from the Persons Who Compose It. An association, in form a Massachusetts trust, which, in the absence of the constitutional definition of a corporation (Art. 12, § 6), would constitute a trust and not a partnership, but which, according to the trust instrument, possesses powers and privileges characteristic of a corporation, is, by virtue of the definition, a corporation to the extent that it is a legal entity distinct from the persons who compose it.</p> <p>2. Same — Promissory Note — Signed by Officers of Associations — Officers Not Personally Liable. A negotiable promissory note was signed “The Victory Oil Company, by U. G. Charles, President. Attest: Fred C. Young, Secretary.” The Victoiy Oil Company is an association of the character indicated in paragraph 1. Charles and Young-were respectively its president and secretary, and were duly authorized to execute the note. Held, section 20 of the negotiable-instruments law (R. S. 52-220), exempts them from personal liability on the note.</p>