The Wellington enterprise. [volume] (Wellington, Ohio) 1867-188?, 1883-05-16
COMMERCIAL LAW.
Brisf Dieesta OF Late Decisiens-
Compiled Specially for the 81. Louis Commer.
cial Gazette.l
AGENCY AND EsToPPRI.

Au dcCOlub eQct1 uROu Was aObt 4ROn
an account stated, !" nor for money had,
was for balance due on transactions be-
tween plaintiffs and defendant in which
plaintiffs bought and sold stocts as his
agents during several months. The
court decided the following points: 1.
II an account has been Incorrectly
stated, and q balance erroneously found
and paid to defendant, these facts alone
do not estop plaintiffs and set up the
truth of the Transaction. q. Where the
clerk of plaintiffs made up defendants
account to date, and paid TO him the
balance then due him, and he had
notice at the time that the matters be-
tween him and plaintiffs were not then
closed, but that they were to receive
and pay out dividends for him on ac-
count of past transactions which he
had authorized or ratified with full
knowledge and understanding of what
had been done, and these dividends
were afterwards paid out by plaintiffs,
these facts make out q psifaa Jacse case
against defendant in an action for bal
ance of accommodating the excess of
dividends paid over those received. s.
An agents authority extends TO doing all
those things which are necessary for
which he is employed; and where the
principal directs the agent to sell for
him certain stock, which the princi-
pal does not own, that fact being well
known to the principal and agent at
the time, the principal can not set up q
defense against his agent that he had
no express authority to borrow or 9TH
erwise lawfully procure this stock for
him.-Davis ct al VS.. Hilton, st. Louis
Court of Appeals. sr OAK ~, .
PRIVATE STOCK COMPANY. ,..
The legal effect of subscriptions to
the capital stock Of private joint-stock
conpsny which are absolute and un-
conditional on their face, can not be
qualified or limited by any general un-
derstanding among the subscribers that
the same should. be abandoned and not
collected unless q given amount was
subscribed. as against creditors of the
| company for debts incurred after q per-
manent organization of the corporation
| by the election of directors, and after
| engaging in the enterprise contemplated
by the charter aud organization. And
! If such subscribers to the stock of a
| private corporation meet and elect 3
| board of directors, and thereby effect a
| permanent organization and engage in
the corporate enterprise for several
| years, by which debts are incurred,
voting and acting as bona Jfde sub
seribers,9 they willnot be allowed to dis
pute the binding effect of their subscrip-
tions, or the legality of the organizes
I ton of the corporation, as against third
| persons who give credit to the COM
pany on the faith of It's being legally
organized. but will be required to pay
their subscriptions as to creditors who
are entitled in equity to be subrogated
to the rights of the company King
ct al. VS.. Wilson ct al, Supreme Court
| ,F .s CONVEYANCE. .r..e ~. z.-
In an action by vendee TO recover
money paid on parol contract for the
| purchase of lands made with the ven
doris agent, itiwas held that when at
| the time of such contract the vendor
held deeds for the land with the name
| of the grantee in blank, which fact was
| unknown TO the plaintiff, il follows that
! the vendor did not have algood and
| perfect title as represented Also, that
i the plaintiff was not bound to accept
| deeds from an insolvent third person
whose name was inserted In the origi-
nal blank deeds as grantee. But he
was entitled to deeds directly from the
actual and responsible vendor with his
covenants Of general warranty as stipu-
/ lated. And on failure to tender such
i title the plaintiff could recover the
/ money paid.-Bell ct al. VS.. Kennedy,
Supreme Court of Pennsylvania
| MORTGAGE SALE.
Appellees, being the owners of real
estate on which appellant held q mort
gage, q part of which was not yet due,
agreed with him that he should foreclose
his mortgage and bid ins the property
| for the full amount of his debt, and that
| they would pay the costs of said action
and $50 attorneys fees. This was not
/ a contract for the sale of real estate,
4 and was not void because not in writing.
| Appellant might never get the land,
although the contract was fully per-
formed, because at the sale some one
might have bid more than he. Whoever
might buy the land would take it under
foreclosure decree and not by sale from
| appellees. es.-McOnatt VS.. Cathcart, Su-
preme Court of Indiana.
VOLUNTEER PAYMENT.
When a man demands money of an
| other as matter of right and he pays
1t with full knowledge of the facts on
which the demand is founded he can
never recover back the sum he has sc
voluntarily paid. A payment Of taxes
is not compulsory because made under
threat, express or implied, that the
legal remedies for its collection viii be
resorted to. A voluntary payment Of
money, under q protest, to prevent the
sale of lands, under a threat to sell the
same on a judgment which Is not q lien
thereon, can not be recovered back by
| IL - ~.
pany VS.. City of Allegheny, Supreme
Court of Pennsylvania.
CONTRACT FOR SERVICE.
Where q salesman in q wholesale
house is employed, to be paid as his
salary a compensation equal to one
fifth of the net profits of the business oi
his employers at the place where he Is
employed, with a guaranty that it shall
be equal to $1,000 per year, the com
pensation paid him viii not be esti.
mated as part of the expenses to be
deducted from the gross profits of the
business. A different construction
: would require the salesman to pay one
S7,500.-Selz ct al. VS.. Buel, Supreme
/ Court of Illinois.
TERMINATION OF LEASE.
In lease for s. term of years of Q
farm and stock of cattle, conditioned
that upon failure to furnish the stocl
with sufficient food, water and care dur
ing the winter, the lessor might at hi,
option terminate the lease and take pos
session of the farm and stock, held thai
the option could be lawfully exercised
only within reasonable time after the
lessor had notice of the breach of tn,
condition.-Catlin VS.. Wright, Suprem,
Court of Nebraska.
SALE AND RESALE.
The vendee at an assignee's sale re
fused to comply with the terms and hs