Hunt v. Northwestern Mortg. Trust Co.

Citations

• 16 S.D. 241
• 92 N.W. 23
• 1902 S.D. LEXIS 104

Syllabus

<p>1. Where, in an action against a corporation, certain pages of its record book, identified as minutes of the proceedings of its stockholders’ meetings, were excluded on objection, it will be presumed on' appeal that the ruling was proper, in the absence of any showing in the record as to what the pages contained.</p> <p>2. Where a corporation organized to conduct a bank and trust company had power to own, transfer, and guaranty notes and mortgages, and its president transferred a note payable to it to plaintiff, and guarantied payment thereof, the corporation was liable on such guaranty — it having received the benefit of the contract — whether the president had original authority to execute it or not.</p> <p>3. Where a corporation organized for the purpose of conducting a mortgage trust company business sold and delivered sheep, and accepted the buyer’s note therefor, which the president of the corporation transferred to plaintiff, and guarantied payment thereof, the original consideration for the note was immaterial, in an action on the guaranty against the corporation.</p>