Wagner v. Phillips
Wagner v. Phillips
Opinion of the Court
To recover $1,750, plaintiffs brought this action, and now appeal from a judgment for costs entered upon a verdict in favor of defendant, and from an order overruling a motion for a new trial.
Briefly stated, the facts, either conceded or rightfully found by the jury, are these: Appellants, who reside in Ohio, and are the brother and sister of respondent's wife, sent $2,000 to respondent, to be employed by him for their benefit in real estate ventures in the city of Sioux Falls and vicinity. No special directions appear to have been given, and in the exercise of his discretion he purchased certain city property on the 17th day of January, 1889, for $1,600, paying $1,150 of appellant’s money thereon, and assuming, as a part of the purchase price, a mortgage of $450, which, when paid left $400 of appel
As a defense, respondent offered testimony tending to show that, at about the time of making the investment above mentioned, he purchased certain other lots in the city of Sioux Pails, for $1,850, taking title in himself, and in settlement for which he paid at the time $1,200, and assumed a mortgage of §650, which he subsequently satisfied, leaving the property free of incumbrance. Not having at the time of the purchase sufficient of appellant’s money to pay the §1,200 required, respond ent used some of his own money, and deducted the amount from money of theirs coming into his hands later by virtue of the agency. At the time respondent reported particulars of the sale of property first bought, he wrote appellants, in part, as follows: “What shall I do with your money? Property is. gettinghigh, and it may still go up; but, if I see a good chance, will try again, or you can loan it at eight per cent or better. If 1 see that our prospects are right for capital, I shall not hesitate to invest all you have; for if we do get there will be a big rush to buy, and if we fail it may stand about as it is, but slow sales.” In response to this they wrote him, in substance, to purchase this identical property for them upon such terms and in such manner as would, in his judgment, best subserve their
No claim of fraud or bad faith on respondent’s part is made, and the record clearly shows that no limitation was placed upon his agency, as to the manner of making investments on appellants’ behalf; the object being to speculate in
Reference
- Status
- Published
- Syllabus
- Plaintiffs, having sent money to defendant to invest in real estate, and either authorized or ratified all he did in the matter, including his advancement of funds in part payment, and taking deed in his own name, have no claim against him by reason of the investment proving unprofitable; there being no fraud or bad faith on his part.