Show KNOCKS OUT NOTES Kansas Supreme Court Issues I Decision Affecting Big I Cattle Deals II I Topeka Kas April 8 The Tue The Kansas 8 supreme court handed down a decision e which i If Ie sustained by the hJ higher her courts will render 1 valueless from Crom to worth of or notes and amid mortgages held on live lI stock tock The decision ruled that the thc Kansas City Live Stock exchange was ivas wasa a trust ti and that every contract contract contract con con- tract made b by any member on orm the time ex exchange ex- ex change as nH a member Is void old The Time court held that thal the trust anti law of 1897 supersedes edes the old od law Jaw of 1891 Time The rare ae a Decided Is Jol that of the tho state against T T. Wilson In him October 1 1598 98 Wilson on and Geol George Geom e Morris bought of ur the time A. A J. J Gillespie 1 le company 2000 noo cattle cuttle giving the company com pan notes amounting to and amid securing the thc notes by a mOlt mortgage a e om on the cattle Later thc they timey sold Iod head heal o of the same uno cattle to time the Elk Grove GIO Land fc Cattle company for fot or 1 1000 reporting them to be lle clear of ur Incumbrance The TheONe They ONe el-c el arrested and had j everal trials antI Wilson was Wai final finally sentenced to five faye y ams am's In iii tIme the pt lIe He appealed ap nip- pealed t and the decision is tho time result B By the time decision an nn association which hii h In Its laws by-laws a clause au l' l forbidding tom for bidding any of o Its Jl J members to buy or am- amsell sell live stock for a commission more mom titan thin 50 jO 0 cents a head Is declared ed a trust Another nother point Is that th til charging o of such fuch commission Is a i misdemeanor and a contract to pay It t Is void the court held because part of Df the time transaction was contrary contral to the law aw The notes and mortgages are c declared null and amid void Under the of or the court all notes and chattel mortgages s s 's of oC the lit lit- nature of oC hose in this case are arc void old There e are arc outstanding through members of the ansas City Live Stock exchange and andy b by y banks and at the time stock yards pt-oh- pt bly ohly worth of oC this kind of f r transactions F P. F F. Robinson resident t of the I Kansas City Live exchange Is of or th the opinion that oday's decision will be reversed sed when It t reaches the thie higher court to lo which It t will be referred |