Kamas Securities Co. v. Taylor Book Reviews

Kamas Securities Co. v. Taylor by Supreme Court Of Utah Book Summary

McDONOUGH, Justice. Plaintiff corporation sued defendant Moses C. Taylor, its secretary for wrongful surrender to a defaulting debtor of 30 shares of bank stock allegedly pledged as security for payment of promissory notes executed by Elliott C. Taylor, brother of defendant. After defendant testified on deposition that he had never received the stock as a pledge, but only in connection with an offer of settlement, the pleadings were amended to charge the defendant with having misled the plaintiff by false representations that the stock had been pledged, whereby the corporation suffered a loss by reason of the running of the statute of limitations with respect to action on the promissory notes. Defendant denied that the stock was ever pledged as security, denied that he had ever so represented, alleged that the suit against him had never been authorized by the board of directors, and also pleaded limitations. From an adverse judgment defendant appeals. Defendant was cashier of the Kamas State Bank for more than 20 years. Upon the organization of plaintiff corporation he became its secretary. His brother, Elliott C. Taylor, executed 3 promissory notes to and in favor of the Kamas State Bank, one for $2000 dated January 2, 1925, and the others for $500 and $250 respectively, dated May 9, 1933. These notes were included in the assets of Kamas State Bank which were transferred to the plaintiff corporation about February 13, 1934. On January 2, 1935, Elliott C. Taylor executed a renewal note for $2000 made payable to plaintiff corporation. These notes were in the custody of the defendant as secretary of plaintiff corporation.

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Kamas Securities Co. v. Taylor (Supreme Court Of Utah) Book Reviews 2024

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