Ruffner v. Dunlop

I. A promissory note executed in the name of one by another as his agent, which contains no words binding the agent personally, is not the individual undertaking of the agent, and the agent is not liable on the note, although the consideration for which it was *694given inured solely to the agent’s benefit. Nor would the agent, as sole beneficiary of the consideration, be liable on the note, although his principal for any reason was not bound; as where the principal is a corporation and the execution of the note was ultra vires. Whatever remedy may exist in behalf of the payee of the note against…