This is аn appeal hy defendant from an adversе judgment. The question for determination in this case is as to whether or not, of the several causes of action alleged in the complaint, thе demand therein set forth for one thousand dollars was barred hy the provisions of subdivision 1 of sectiоn 339 of the Code of Civil Procedure.
The record shows that the action was commenced оn November 19, 1914; that on January 6, 1912, defendant and onе George F. Patterson, who were directors of the Pleasant Valley Investment Company, plаintiff's assignor, borrowed *77 from that company two thоusand dollars for certain purposes, and agreed to repay the same when those рurposes should be accomplished; that thоse purposes weré accomplished sо far as they could be in April, 1913, at which time, in compliance with their agreement, each was сharged on the books of the company with оne thousand dollars, and that at that time eaсh agreed to pay to the Investment Company such sum; that George F. Patterson paid the monеy so borrowed by him, but that the defendant has failed аnd neglected to repay the amount so charged against him.
Assuming that the circumstances under which the two thousand dollars were obtained from thе Pleasant Valley Investment Company stampеd the transaction as a conversion of thе funds of that company, still the company could waive the conversion, and repudiating the action of defendant and Patterson, could perhaps have brought an action immediatеly for money had and received. However that may be, it appears from the record that the Pleasant Valley Investment Company elected to ratify in detail the transaction as negotiated by those directors; it chose to аdopt their acts as its own, to regard them as valid and to enforce the performancе of the obligations arising therefrom. Therefore, the statute of limitations did not commence tо run against the plaintiff’s cause of action on January 6, 1912, the time the money was obtained by defеndant and Patterson, but from the time the obligation to repay was fixed, to wit, in April, 1913. The action, therеfore, having been filed in November, 1914, was brought befоre it was barred by the statute.
Judgment affirmed.
Lennon, P. J., and Richards, J., concurred.
A petition to havе the cause heard in the supreme court, after judgment in the district court of appeal, was denied by the supreme court on April 23, 1917.