H. Phillips Co. v. Estate of Peterson

The dispute in this case arises between the payee of a negotiable promissory note and the estate of one of the indorsers. These were the only parties before the court and it had jurisdiction of the parties to this controversy only. Therefore the direction that the note be surrendered was in excess of jurisdiction.

The findings of the trial court tend to show that the makers and indorsers of the note in question signed it with the clear understanding and agreement that it was not to' be delivered to the payee and was not to become a present obligation unless Arthur Sierck was granted probation.…