Millisack v. Kelly

Citations

• 96 Kan. 584
• 152 P. 630
• 1915 Kan. LEXIS 440

Syllabus

<p>SYLLABUS BY THE COURT.</p> <p>Promissory Note: — Contract for Payment and Surrender — Construction of Contract. The following- contract does not provide for the surrender of the notes mentioned on signing the contract, but does require their surrender if paid in the manner therein set out:</p> <p>“We, the undersigned directors of the King Manufacturing Company, hereby authorize the secretary of the said company to turn over to C. M. Millisack and Dr. H. H. Keith the first $1600 received from the sale of the capital stock of the said company in excess of $2000 to be sold first for cash.</p> <p>“The stock issued on the receipt of the said $1500 is to be transferred from C. M. Millisack and Dr. H. H. Keith to the purchasers in equal proportions as sold.</p> <p>“In consideration of this transaction the said C. M. Millisack and Dr. H. H. Keith agree to surrender the promissory notes given by the undersigned and aggregating $1000.</p> <p>“The secretary of the said company is hereby authorized to pay out of the general fund of the company any accruing interest resulting from this agreement and charge same to the stock commission' account.”</p>