Page v. Harper

Citations

• 73 Kan. 229
• 84 P. 1024
• 1906 Kan. LEXIS 233

Syllabus

<p>SYLLABUS BY THE COURT. -</p> <p>Suretyship — Sale and Purchase of Securities by a Cosurety• — - Accounting for Profits. Where one receives the assignment of promissory notes as security to himself and cosureties for an indebtedness of their principal and converts such notes into a judgment in his own name, and thereafter causes execution to be issued on such judgment and levied on certain real estate, and, at the sheriff’s sale thereunder, buys the land at a nominal price and takes the sheriff’s deed therefor in his .own name, and thereafter, jointly with one of his co-sureties, buys notes secured by a trust deed on such real estate and causes the land to be advertised and sold by the-sheriff under such trust deed, and buys the land at the sheriff’s sale and takes the sheriff’s deed thereto jointly with such cosurety, and thereafter rents such real property, and finally sells the same to an innocent purchaser — when all this is done without the knowledge or assent of another cosurety, who has paid a part of the principal’s debt, and without the knowledge or assent of the principal, the sureties so buying and selling the real estate are liable, in a suit for an accounting, to account to their principal and their cosurety for the profits, of the entire transaction, including the buying, renting, and selling.</p>