Leeman v. Page

Citations

• 79 Kan. 479
• 100 P. 504
• 1909 Kan. LEXIS 219

Syllabus

<p>SYLLABUS BY THE ’COURT.</p> <p>1. Accounting—Trustee and Beneficiary. A surety on a bond was required to make a payment for his principal, who assigned to him a note for indemnity, any surplus realized therefrom to be returned. The surety placed the note in judgment and bought in a town lot on execution sale. He then bought for $1500 a.note for that amount secured by a trust deed on the same lot, had á sale made thereunder, and again bought the property in for $500. There was no specific evidence of the value of the note after crediting it with the proceeds of this sale, and the circumstances tended to indicate that it was not regarded as having any considerable value. He then sold the lot, his deed reciting a consideration of $5300. The evidence showed that he received only $3500 in cash, and that the buyer gave also some property in the transaction. It was not shown distinctly that the surety received this property, nor what it was worth. Held, in an action by the principal for an accounting, that under the circumstances of the case (a) the surety could not complain on review that the trial court charged him with the amount recited as the consideration of the deed; but (6) he should have been given credit for the amount he paid for the 1500-dollar note, less any actual value represented by the note after the proceeds of the sale under the trust deed had been credited thereon.</p> <p>2. Practice, Supreme Court—Judgments—Modification. In an action for an accounting involving numerous transactions, where error is shown only with reference to one particular transaction, which is so distinct from the rest that its effect upon the account can readily be examined into and determined as a separate matter, this court may remand the case for further proceedings with respect to this matter only, confirming the results already reached in all other respects.</p>