Rodney G. Bryson, Judge.
Sawyer A. Smith for appellant.
Rouse, Costs Adams for appellee.
THOUGHTS WITH THE COURT BY JUDGE RATLIFF
The appellant, J.M. Crowe, ended up being who owns 5/20 (1/4) from the inventory regarding the Barrington forest Realty providers, a company, hereinafter known as realty organization. On March 22, 1922, the realty organization borrowed of appellee, The Covington confidence and Banking team, hereinafter known as lender, the sum $13,000 evidenced by thirteen $1,000 notes payable on or before 36 months after time, and guaranteed exact same by an initial mortgage throughout the property regarding the realty business. Ahead of the financing was actually consummated, aside from the financial on the land, the stockholders in the realty organization, such as appellant, performed and sent to the bank this amazing writing:
«This Contract Witnesseth:
«That, Whereas, The Barrington forest Realty team, a corporation according to the rules from the condition of Kentucky, are desirous of getting from Covington benefit Bank and believe team, of Covington, Kentucky, that loan into the amount of $13,000.00, mentioned mortgage getting guaranteed by a mortgage on residential property of said Realty organization in Kenton state, Kentucky, and
«while, the stated Covington economy financial and depend on organization are willing to make stated mortgage, supplied all of the stockholders of said Realty business agree written down into the execution of financial securing mentioned loan, and additional accept to urgent link indemnify stated cost savings Bank and rely on organization against any reduction, price or expense by reason regarding the making of said financing;
«today, consequently, in factor of this generating of said mortgage by said discount lender and confidence business to mentioned Realty business, the undersigned, being most of the stockholders of said Realty team, manage hereby consent for the performance of said home loan and further accept secure the said The Covington cost savings financial and Trust team as well as safe from any reduction, expense or expense which could develop by cause regarding the approving of said mortgage, said promise staying in proportion to your holdings of the a number of stockholders in said Realty organization, the following:
After records developed on March 22, 1925, they certainly were maybe not compensated or revived and seemingly little had been finished regarding the issue until on or around March 25, 1929, from which time, without having any engagement or motion for appellant, another stockholders of realty company therefore the financial made funds regarding the notes performed in 1922 and various other matters. Caused by the payment is your realty providers performed toward lender ten $1,000 new records because of and payable three years from day, or March 25, 1932, and terminated or noted paid the old notes, while the home loan which had been provided by the realty company to secure the existing records representing the 1922 $13,000 mortgage premiered of the bank inside the margin associated with the home loan guide in which it absolutely was tape-recorded at work of Kenton district court clerk, while the realty team accomplished for the lender another home loan on their home to lock in the repayment on the $10,000 brand-new records performed March 25, 1929, which financial got properly recorded within the state court clerk’s workplace.
Whenever the ten $1,000 records accomplished on March 25, 1929, matured on March 25, 1932, no effort was created by the financial to collect the records by property foreclosure proceedings regarding the home loan or else and obviously absolutely nothing ended up being accomplished concerning topic until 1938 if the lender sued the realty company to gather the $10,000 financing manufactured in March, 1929, and also to foreclose the mortgage accomplished from the realty business to protected the cost of the identical. View had been rendered and only the bank and also the mortgaged land ordered offered to fulfill the wisdom, interest and cost, etc., which was completed, but during that time the possessions for the realty organization were insufficient to satisfy the view in addition to financial recognized just a little section of the financial obligation, making a balance of $8,900 unpaid. In 1940 the bank brought this action against the appellant claiming that the $10,000 loan made by it to the realty company in 1929 was only a renewal or extension of the original $13,000 loan made in 1922 and sought to recover of appellant 5/20 or 1/4 of the $8,900, or $2,225, deficit which was appellant’s proportionate share of the original $13,000 loan made in 1922 under the writing signed by appellant in 1922 in connection with the original loan.
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