170 Ind. 455 | Ind. | 1908
This action was brought by appellee, as receiver of the Indiana National Bank, upon two promissory notes. Appellant answered in three paragraphs: (1) non est factum; (2) want of consideration; (3) payment; and to the affirmative answers appellee replied by general denial. A trial by jury resulted in a verdict for $7,434.08 in favor of
The overruling of appellant’s motion for a new trial is the only error assigned.
It is provided in §4591 Burns 1908, §3698 R. S. 1881, with regard to hydraulic companies, that ‘ ‘ all notes, bonds or contracts entered into by the company, signed by the president, shall be binding on the company. ’ ’ Appellee cites this statute in support of the court’s ruling, and contends that a showing .merely that the name of the company was subscribed to the notes by its president, established a prima facie case of authority, and that it was unnecessary to prove express or general authority to do such acts, or that the notes were given in regular course of the company’s business. The statute before quoted does not purport to authorize the president to enter into any obligation on behalf of such company, but relates only to the formality of execution, and declares that any note, bond or contract entered into by the company shall be binding when signed by its president. The statute, therefore, lends no substantial aid in the solution of the problem with which we are confronted.
Other alleged errors have been presented and discussed; but, as they may not arise again, their consideration is unnecessary.
The judgment is reversed, with directions to sustain appellant’s motion for anew trial, and for further proceedings.