Wallace & Co. v. Marion
Wallace & Co. v. Marion
Opinion of the Court
Plaintiffs claim the sum of $490 62 as cash loaned to-the defendant, who pleads a reconventional demand for a balance due him in the net profits of the house of Wallace & Co. under an agreement between the parties. He also filed what he terms a peremptory exception that this suit should he for a settlement of partnership. This-exception was properly overruled, as the written agreement between the parties declared that no partnership existed or was established, between them.
It is shown that at the date of the trial of this suit in the court below, debts to a large amount were uncollected, and that the turn received by defendant exceeded the guaranteed amount of the net profits by the sum claimed, and that five per cent, on the profits as shown by the stock and sales would not make the sum guaranteed. By the terms of the agreement, defendant is not entitled to five per cent, on the outstanding debts until they are collected, and hence if he has' drawn or received a greater sum than was due Mm at the expiration of his term of service, ho can be made to return the excess. Ifon con stat that these debts will ever be collected. He must, under Ms agreement, wait until enough is collected to make the five per cent, thereon equal the sum guaranteed, and then he may demand five per cent, on all sums thereafter collected. Upon this principle the judgment in favor of plaintiffs is correct.
Judgment affirmed.
Reference
- Full Case Name
- Wallace & Co. v. J. J. Marion
- Status
- Published