First National Bank v. Livermore

The opinion of the court was delivered by

Mason, J.:

The Olathe Milling & Elevator Company, a corporation, borrowed two thousand dollars of C. L. Hayes for use in its' business, and gave him a note therefor, signed by the corporation and by three individuals, who were the principal stockholders, and were also directors of the corporation, but who other*396wise received no benefit from the transaction, and who intended to bind themselves as sureties only. The note was purchased by the First National Bank of Olathe, which brought action for a balance due thereon against two of the individual signers,…