Sesnon v. Lindeberg

Citations

• 66 Wash. 1
• 118 P. 900
• 1911 Wash. LEXIS 1002

Syllabus

<p>Corporations — Representation—Officers—Property Acquired— Contracts — Consideration—Evidence—Sufficiency. The evidence sufficiently shows that certain properties and stock were secured by the president of a corporation for the use and benefit of the corporation, so as to constitute consideration for the corporation’s note to repay the purchase price advanced, where the corporation took a formal assignment of the stock of the company holding title to the properties, and continued in the possession and control of the same.</p> <p>Corporations — Representation—Powers of Secretary — Notes— Ratification. A corporation cannot question the authority of its secretary to execute a promissory note, where it retained possession of stock for which the note was given, and paid interest on the note.</p> <p>Corporations — Powers—Promissory Notes — Surety Obligation —Ultra Vires. A corporation executing a note jointly with three others, for which it received one-fourth of the consideration for which the note was given, cannot claim that it was only a surety as to the other makers and that the note was therefore ultra vires, it being authorized to borrow money.</p>