Van Pelt v. Strickland
Supreme Court of Kansas
Error from Wabaunsee district court; William Thomson, judge. STATEMENT. The facts necessary to be considered are as. follows : The Western Farm Mortgage Trust Company was, at the time this action was commenced, a corporation existing under the laws of the state of Kansas, and prior to February, 1892, had been engaged for several years in the business of making loans on real-estate security, and guaranteeing and selling bonds and mortgages.
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Error from Wabaunsee district court; William Thomson, judge. STATEMENT. The facts necessary to be considered are as. follows : The Western Farm Mortgage Trust Company was, at the time this action was commenced, a corporation existing under the laws of the state of Kansas, and prior to February, 1892, had been engaged for several years in the business of making loans on real-estate security, and guaranteeing and selling bonds and mortgages. In February, 1892, said corporation wholly suspended business, and at the time this suit was commenced it was totally insolvent. On the 5th day of…
1Opinion of the Court
The opinion of the court was delivered by
Smith, J. :
By exercising his right of set-off as against the corporation, the defendant in error defeated the plaintiff below in his effort to obtain-judgment for a greater part of the latter’s liability as a stockholder to creditors. The defendant below might be said to have had two funds available for the payment of his judgment of $5500 against the corporation, rendered on the defaulted debenture bonds held by him : (1) His own liability as a stockholder in the corporation to the amount of $6000; (2) his interest in the debenture securities executed…
2Cases cited2 opinions
- Crippen v. ChappelSupreme Court of Kansas · 1886
- Hudkins v. WardWest Virginia Supreme Court · 1887
3Cited by4 opinions
- Harrison v. Remington Paper Co.Court of Appeals for the Eighth Circuit · 1905
- Anglo-American Land, Mortgage & Agency Co. v. LombardCourt of Appeals for the Eighth Circuit · 1904
- Broadway National Bank v. BakerMassachusetts Supreme Judicial Court · 1900
- Crissey v. MorrillCourt of Appeals for the Eighth Circuit · 1903