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ST. FRANCIS MERCANTILE EQUITY EXCHANGE, INC. v. WALTER

No. 46,513

211 Kan. 76 (1973)

505 P.2d 775

THE ST. FRANCIS MERCANTILE EQUITY EXCHANGE, INC., Appellant, v. GLENN WALTER, Appellee.

Supreme Court of Kansas.

Opinion filed January 20, 1973.

Attorney(s) appearing for the Case

H. Newlin Reynolds, of Hodge, Reynolds, Smith, Pierce & Forker, of Hutchinson, argued the cause, and James M. Milliken, of Milliken & Wilks, of St. Francis, was with him on the brief for appellant.

John C. Kite, of St. Francis, was on the brief for appellee.

The opinion of the court was delivered by

FATZER, C.J.:

The appellant, The St. Francis Mercantile Equity Exchange, Inc., brought suit as promisee to collect on an unsecured promissory note executed by the appellee, Glenn Walter, on February 4, 1965. The appellee filed a cross-petition alleging he was the owner of certain shares of stock and "deferred patronage dividends" in the Exchange. He sought to have the value of those assets setoff as a credit against...

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