Spencer v. Alki Point Transportation Co.

Citations

• 53 Wash. 77
• 132 Am. St. Rep. 1058
• 101 P. 509
• 1909 Wash. LEXIS 1274

Syllabus

<p>Receivers — Of Insolvent Corporations — Authority — Stipulation — Stockholders—Right to Appeal. Where the receiver and several stockholders of a corporation intervened in an action against the corporation, a stipulation of the receiver in the nature of a compromise, authorized by the court, binds the stockholders, as the receiver represents the stockholders as well as the corporation; and an appeal by the stockholders will not be considered.</p> <p>Bills and Notes — Indorsers—Presumptions. The fact that renewal notes were not signed by indorsers of the original note raises a presumption that they signed only as sureties.</p> <p>Bills and Notes — Indorsement—Parol Evidence to Contradict— Nature of Liability. Parol evidence is admissible to show that the indorsers signed as sureties although the note recited that every party signing or indorsing the note bound himself as principal and not as surety.</p> <p>Bills and Notes — Consideration. The maker of a note may show want of consideration.</p> <p>Corporations — Powers—Suretyship. In the absence of evidence of power in the charter so to do, a corporation cannot become a surety upon a note.</p> <p>Same — Defenses—Ultra Vires. A corporation is not estopped to set up the defense of ultra vires to an action upon a surety obligation, where the evidence that it received the benefit of the contract is vague and uncertain.</p> <p>Trial — Conduct of Cause — Reopening Case for Evidence — Discretion. It is not an abuse of discretion to refuse to open a case for the further evidence of the president of the company who had just returned after an absence of two months, where such president was the attorney of the company at the time it intervened, and failed in his duty to advise the attorneys as to the materiality of his evidence.</p> <p>Bills and Notes — Transfer—Bona Fide Purchasers — Notice of Infirmity. The fact that the first of four mortgage notes was overdue at the time of the assignment of the mortgage and notes, does no