Lipsett v. Hassard
Michigan Supreme Court
Error to Chippewa; Steere, J. Assumpsit by James L. Lipsett and others against Andrew Hassard upon a promissory note. A judgment for defendant is reviewed by plaintiffs on writ of error. Plaintiffs, defendant, and several others were stockholders in the Soo Milling Company, a limited copartnership organized in 1901 for the purpose of operating a flouring-mill in the city of Sault Ste. Marie.
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Error to Chippewa; Steere, J. Assumpsit by James L. Lipsett and others against Andrew Hassard upon a promissory note. A judgment for defendant is reviewed by plaintiffs on writ of error. Plaintiffs, defendant, and several others were stockholders in the Soo Milling Company, a limited copartnership organized in 1901 for the purpose of operating a flouring-mill in the city of Sault Ste. Marie. The business was a losing venture, and it was necessary to borrow money to carry on the business. The company borrowed' money, and the plaintiffs, defendant, and others, seven in all, indorsed the notes…
1Opinion of the CourtGrant, J.
(after stating the facts). 1. There is no ambiguity in the resolution under which this committee as trustees acted. Parol evidence of what was said by the stockholders at the meeting or the defendant’s understanding of how the proceeds were to be applied is inadmissible. 17 Cyc. p. 588; Ten Eyck v. Railroad Co., 74 Mich. 226 (41 N. W. 905, 3 L. R. A. 378, 16 Am. St. Rep. 633); Kalamazoo Novelty Manfg. Works v. Macalister, 40 Mich. 84; Oswald v. Minneapolis Times Co., 65 Minn. 249 (68 N. W. 15); Dennis v. Joslin Manfg. Co., 19 R. I. 666 (36 Atl. 129, 61 Am. St. Rep. 805); Peterborough Railroad…
2Cases cited4 opinions
- Ten Eyck v. Pontiac, Oxford & Port Austin RailroadMichigan Supreme Court · 1889
- Oswald v. Minneapolis Times Co.Supreme Court of Minnesota · 1896
- Kalamazoo Novelty Manufacturing Works v. MacalisterMichigan Supreme Court · 1879
- Pilling v. Narragansett Machine Co.Supreme Court of Rhode Island · 1896
3Cited by3 opinions
- Saulsbury v. American Vulcanized Fibre Co.Superior Court of Delaware · 1914
- Benas v. Title Guaranty Trust Co.Missouri Court of Appeals · 1924
- Dusenberry v. Sagamore Development Co.Appellate Division of the Supreme Court of the State of New York · 1914