Burns v. Poole
Supreme Court of Minnesota
Defendants were stockholders in the Guaranty Petroleum & Gas Co., and in order to enable the corporation to borrow money upon its promissory notes, they executed a guaranty in writing, to the effect that they would be responsible for all sums not exceeding $10,000 borrowed upon the corporation’s promissory notes, and all renewals and extensions of such- notes.
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Defendants were stockholders in the Guaranty Petroleum & Gas Co., and in order to enable the corporation to borrow money upon its promissory notes, they executed a guaranty in writing, to the effect that they would be responsible for all sums not exceeding $10,000 borrowed upon the corporation’s promissory notes, and all renewals and extensions of such- notes. Upon the strength of this guaranty, the Second National Bank of St. Paul loaned the corporation $10,000 on or about October 17,1905, for which the corporation gave its promissory note. This note was renewed from time to time at the…
1Opinion of the Court
I/IStVIS, J.
Respondents Poole and Kelly, with others, being stockholders in the Guaranty Petroleum & Gas Company, executed the following instrument :
“Whereas, the board of directors of the Guaranty Petroleum & Gas Company has authorized the president and secretary of said corporation to borrow from time to time prior to the first day of November, 1905, such sums as shall be necessary for the purposes of the business of said corporation, not exceeding in the aggregate $10,000, and to execute and deliver in the name of the corporation such promissory notes or other evidence of indebtedness as…
2Cases cited4 opinions
- Lehigh Coal & Iron Co. v. ScallenSupreme Court of Minnesota · 1895
- Winnebago Paper Mills v. TravisSupreme Court of Minnesota · 1894
- Historical Publishing Co. v. La VaqueSupreme Court of Minnesota · 1896
- Ford, Eaton & Co. v. HarrisCourt of Appeals of Kentucky · 1897
3Cited by1 opinion
- Wyman, Partridge & Co. v. BibleSupreme Court of Minnesota · 1921