Root v. Wear

Citations

• 98 Kan. 234
• 157 P. 1181
• 1916 Kan. LEXIS 54

Syllabus

<p>SYLLABUS BY THE COURT.</p> <p>1. Corporation — Existence Can Not be Collaterally Questioned by Private Parties. Whether a corporation which is fully organized and whose existence has been recognized is entitled to do business and exercise its corporate franchises, because of its failure to make annual reports or to observe other statutory requirements, can not be collaterally drawn in question by private parties.</p> <p>2. Corporation — Title to Corporate Property after Corporation Dissolves or Becomes Defunct. The land belonging to a corporation does not revert to its grantor when it is dissolved or becomes defunct, but unless a receiver is appointed, the last board of directors or managers of its affairs become trustees of the creditors and stockholders of the corporation to settle its affairs and collect its credits, and after paying its debts to make distribution of any remaining money and property among the stockholders, and to that end they may maintain or defend any judicial proceeding.</p> <p>3. Deed — Absolute on Face — Contemporaneous Written Agreement to Reeonvey — Whether Deed Was Absolute or a Mortgage — Question of Fact. Whether a conveyance of land absolute in form which was executed at the same time as an agreement between the parties that the grantee should reconvey the land to the grantor for a specified consideration within a stated time constitutes a conveyance or only a mortgage depends upon the intention and understanding of the parties when the instruments were executed, and the controlling test is whether the grantor sustains the relation of debtor to the grantee.</p> <p>4. Same — Findings Sustained by Evidence. The evidence examined and found to be sufficient to sustain the finding of the court that the deed in question was not intended by the parties to be a mortgage.</p>