Keating v. Mutual Laundry Co.

Citations

• 90 Kan. 24
• 133 P. 152
• 1913 Kan. LEXIS 152

Syllabus

<p>SYLLABUS BY THE COURT.</p> <p>Corporation — Contract for Employee’s Stock — Included no Adjustment of Employee’s Salary. The salary of an officer in a corporation was fixed at a stated sum, with an addition of a percentage of its gross receipts in excess of a certain amount; for several years the business of the company was such as to entitle him to this percentage, but he did not draw it, nor ascertain what it amounted to; in negotiations with other stockholders which led to the sale to one of them of his stock he was'asked how much salary was owing him; he answered by giving the amount due on the basis of what he had been •drawing; a memorandum was made stating that he was to receive what salary was due him, and pay back any excess if he was overdrawn, and that he was to have no claim against the assets of the company. Held, that he was not thereby precluded from claiming from the company the additional salary he had earned, the trial court having found upon sufficient evidence that his statement as to the salary owing him was intended to refer to the amount due on the basis of his fixed rate, and was so understood by the buyer, and that the stipulation regarding the assets of the company had reference to a controversy as to whether the buyer or seller should be entitled to dividends already earned but not decláred.</p>