New York Life Insurance v. Martindale

Citations

• 75 Kan. 142
• 88 P. 559
• 1907 Kan. LEXIS 25

Syllabus

<p>SYLLABUS BY THE COURT.</p> <p>1. Negotiable Instruments — Parol Proof Inadmissible to Charge Undisclosed Principal as Indorser. A person whose name does not appear upon a promissory note cannot be charged as an indorser thereof by parol proof that the nominal payee in accepting and indorsing it was acting as his authorized agent, where nothing upon the face of the note suggests the existence of an agency.</p> <p>2. -Alteration as to Interest — Instruction as to Legal Rate of Interest after Maturity Erroneously Refused. Where liability on a promissory note is denied by the maker, upon the ground that it has been altered by the addition of a clause making it- bear interest at the rate of five per cent, per annum after maturity, whereas at the time of its execution it made no mention of interest, the refusal to instruct the jury that the note in the form in which the defendant claimed it stood when he signed it would in virtue of the statute draw interest after it was due at the rate of six per cent, per annum is material error.</p> <p>3. -Note Vitiated by Unauthorized Alteration. A promissory note may be vitiated by an unauthorized alteration made by inserting a lower rate of interest than that carried by the instrument as originally executed.</p>