85 Mo. App. 557 | Mo. Ct. App. | 1900
— On the twelfth of May, 1891, plaintiff appointed a corporation known as the Wilson & Toms Investment Company his agent to procure a loan of $8,000, to be secured by a deed of trust on his farm in Monroe county, Missouri, agreeing to pay for such service $320, which he authorized the said agent to deduct out of the amount to be borrowed. Thereupon on the twenty-fifth day of May, 1891, the Wilson & Toms Investment Company took the notes of plaintiff, one for $8,000, payable in five years, and ten semiannual interest notes of $240 each, due respectively at successive intervals of six months from date. The payee in each one was Leonard' a member of the corporation, and the place of payment designated the office of said corporation, and also caused plaintiff to execute a deed of trust on his farm to Mr. Toms, another member of said corporation, for the purpose of securing the payment of said notes. These notes were immediately indorsed without recourse and delivered to defendant who had theretofore agreed, upon a favorable report as to the title of the property conveyed in the deed of trust, and the guaranty of the loan by the Wilson Toms Investment Company, -to take the loan. In a few days after this transaction was consummated the Wilson Toms Investment Company disposed of its assets to a new corporation, which also assumed its liabilities, known as the Central Trust Company. To this latter corporation plaintiff sent drafts for the payment of the semiannual interest notes as they fell due.
Erom what has been said it follows that the judgment in this case must be reversed.