Farmers Equity Coöperative Ass'n v. Tice

The opinion of the court was delivered by

Hopkins, J.:

The action was one to recover on a promissory note. Plaintiff prevailed and defendant appeals.

The note was executed under an agreement which reads:

“This mutual agreement entered into on this 30th day of December, 1920, *128by and between the parties whose signatures are affixed hereto and hereinafter called the signers, Witnesseth: Whereas, the Farmers Equity Cooperative of Dresden, Kan., has sustained a financial loss which has impaired its capital; and whereas, the signers hereto are each and severally the owners of a share of the capital…