Judge Purdy's Decision as to Liability of a President:
'A Mutual Mistake toa hearing in Tier there, Judge Purdy gave judgement for defendant in the ction of the Mao Ting Produce Ca, v. Henry J. Zimmerman, which suit involved $6,167.86, defendant to receive his costs from plaintiff.
Mr. R. T. Evans appeared for plaintiff and Mr. 'T. E, Simmang represented defendant.
According to his Honour's sum ming up, the evidence showed that plaintiff had $16,000 worth of thares in the China America Previneial Corp,, selling them later to one I. E. Shulman, Shulman paid $10,000 in cash and gave his pro-for the balance, 28 another note for $167.66 to cover other matters, with interest at 12 per cent. This was on September 5, 1921, The notes were guaranteed by the company and signed by H. J. Zimmerman president, They were never paid.
Judge Purdy added that a suit against the company was disallowed on December 14, 1922. The whole question, according to his Honour, was whether defendant was liable for his acts as president. He believed not, stating, "it is a well recognized principle of law that there is ne personal Hability on the part of an officer of a corporation, when the other party to the contract has knowledge or is chai able with knowledge, of want of authority of the officer." dismissing the action and granting costs to defendant, Judge Purdy intimated that it " seemed there was a mutual mistake as to the matter of the law.
Text read from the printed page and cleaned; old type leaves the occasional error.