People's State Bank v. T'Miller

Citations

• 85 Kan. 272
• 116 P. 884
• 1911 Kan. LEXIS 56

Syllabus

<p>SYLLABUS BY THE COURT.</p> <p>1. Sureties — Indemnity Taken by One of Several Inures to the Benefit of All. Indemnity taken by one of several sureties from their common principal is taken for the benefit of all.</p> <p>.2. - Same. One of two sureties was indemnified by a mortgage of the principal’s land. He paid the principal’s debt and took a deed of the land in satisfaction of his claim on the principal. His cosurety then gave him a note for one-half of the sum he had paid. Held, that one-half of the land stood as security for the cosurety’s note.</p> <p>3. - Security Follows Note. The payee of the note transferred it to another who indorsed and delivered it to a bank. Held, that the security accompanied the note and that upon payment of the note by the first indorsee to the bank such indorsee is entitled to a conveyance from the payee of a one-half interest in the land.</p> <p>4. -- Same. The conclusions stated in paragraph 3 follow notwithstanding the payee was released from liability as an indorser on the note by the bank’s failure to take the necessary steps to hold him and irrespective of the solvency or insolvency of the maker of the note.</p> <p>■5. Jurisdiction — To Compel Conveyance of Land in Another State. A district court of this state having jurisdiction of the holder of the title to land has jurisdiction to render a judgment requiring him to make a conveyance of it and to enforce such decree by process against him, although the land is situated in another state.</p>