McKisson v. Thomas

Citations

• 33 Ohio C.C. Dec. 147
• 18 Ohio C.C. (n.s.) 443
• 1911 Ohio Misc. LEXIS 267

Syllabus

<p>BILLS AND NOTES</p> <p>1. Individuals Signing Promissory Note as Syndicate Managers, Liable Personally.</p> <p>A promissory note reading: “we promise to pay,” etc., and signed, “H. E. Everett, David Morrison, R. E. McKisson, as syndicate managers of the Cleveland Hippodrome Company,” is the joint note of the individuals named.</p> <p>2. Collateral Security Must First be Applied to Payment of Note Secured.</p> <p>A note with collateral security which provides, “In default of payment of this note, said collateral shall he applied on the payment of said note, or any part thereof, by the then owner of this note,” requires the holder of the note to sell the stock, or apply it in reduction of the debt, if the debt is not paid at maturity, before bringing suit against the makers of the note.</p>