Citizens Savings Trust Co. v. Independent Lumber Co.

The defendant corporation was a stockholder in the Lumbermen’s Cement & Brick Company of Kansas City, Missouri. On January 22, 1913, the cement company desired to obtain $28,000 additional working capital. In order to raise this amount it executed its notes to the Corn Belt Bank of Kansas City by a written guaranty to the amount of $2,000 each, signed by a number of its stockholders. The name of the defendant was signed by its vice-president to the guaranty thus, “Independent Lumber Co., of Omaha, by John W. Towle, Y. Pres.” The notes and guaranty were afterwards transí erred to the plaintiff…