Hunt v. Northwestern Mortg. Trust Co.
| Decision Date | 07 October 1902 |
| Citation | 92 N.W. 23,16 S.D. 241 |
| Parties | E. R. HUNT, Plaintiff and respondent, v. NORTHWESTERN MORTGAGE TRUST COMPANY, Defendant and appellant. |
| Court | South Dakota Supreme Court |
NORTHWESTERN MORTGAGE TRUST COMPANY, Defendant and appellant. South Dakota Supreme Court Appeal from Circuit Court, Spink County, SD Hon. L. E. Gaffy, Judge Affirmed Sterling & Morris Attorneys for appellant. N. P. Bromley Attorney for respondent. Opinion filed Oct. 7, 1902
Defendant is a corporation existing under the laws of this state, for the purpose of loaning money on first mortgage security, issuing debentures, and conducting a general banking business. In July, 1894, the plaintiff received from S. A. Fitch, then, vice president of the defendant corporation, the following instruments in writing, for which he paid $300, the face of the note, and some accrued interest:
“Northwestern Mortgage Trust Company of Redfield, South Dakota, Gettysburg, S. D., July 15, 1894.
On the first day of July, A. D., 1896, for value received, I promise to pay to the order of the Northwestern Mortgage Trust Company of Redfield, South Dakota, at the First National Bank of Redfield, South Dakota, the sum of $300, with interest thereon at the rate of 10 per cent. per annum from date until paid, payable annually on the first day of July. It is hereby agreed that if default be made in the payment of any interest payment above specified, or any portion thereof, then the said principal sum shall, at the option of the holders hereof, become at once due and collectible, without notice, with interest thereafter at the rate of 12 per cent. per annum until paid. The respective makers and indorsers hereof severally waive presentment, pro test, notice of nonpayment and of protest of this note.
[Signed]
S. C. Leppelman
Thomas Ream.”
“For value received, the Northwestern Mortgage Trust Company hereby assigns to K. R. Hunt or order the within note, but this assignment shall carry the right to receive the interest from the maker hereof only in case the interest coupon or coupons executed by said company, representing such interest, are still unpaid and attached hereto; and said company hereby guaranties the payment of interest on the within note, but only according to the terms of, and on presentation of, its several interest coupons attached hereto, and guaranties the payment of the principal of the within note. It is agreed that, if this note shall be transferred, written notice thereof shall be given to said company within twenty days thereafter.
Dated this 26th day of July, 1894.
[Signed]
Northwestern Mortgage Trust Co.
by W. W. Taylor, President.”
When this guaranty was executed, W. W. Taylor was president of the defendant. S. A. Fitch was its vice president from 1893 to 1895, and its president from 1895 until after this action was tried.
The plaintiff having proved the foregoing facts and rested, defendant introduced its amended articles of association, showing the purpose for which it was formed, as heretofore stated. It then offered certain pages of a record book identified by defendant’s secretary as the minutes of the proceedings of its stockholders’ meetings, the proceedings of its directors’ meetings, and its by-laws, to which plaintiff’s objections were sustained, In the absence of any statement in the record of what these pages contained, it should be presumed that they...
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