Cooper v. Olcott
Cooper v. Olcott
Opinion of the Court
delivered the opinion of the Court:
Three questions are presented here: ist. Whether the claim of Hedrick is barred by the Statute of Limitations. 2d. Whether the defendant Olcott was entitled, as against his partner, Cooper, to some allowance for the alleged fraudulent transactions of the latter in the matter of the negotiations with Mrs. Norton; and, 3d. Whether the costs of suit should not be charged against Cooper. We take them up in the order stated.
1. As to the claim of Hedrick on his notes, it seems to us that the Auditor was fully justified in finding acknowledgments of the indebtedness sufficient to take the claim out of the operation of the statute of limitations. Apart from the testimony of Olcott, and his unequivocal and repeated acknowledgments of the indebtedness during the year 1888, within the period of limitations, there is positive and uncontroverted proof of the payment of $21, or rather of the allowance of a credit to that amount, by the partnership to Hedrick about October 1, 1888. Now, there can be no better evidence of a subsisting indebtedness, with the indication of willingness to pay it, which under all the authorities constitutes a new promise sufficient to avoid the bar of the statute, than the payment of money on account of the indebtedness. Citation of adjudged cases in support of this proposition is entirely unnecessary.
But it is argued that no specific indebtedness was mentioned or indicated, and that therefore the reference to it was too vague to constitute the foundation of a new promise. There was but one indebtedness. That one indebtedness was specifically and positively ascertained, and reduced into the shape of promissory notes. It was not necessary under such circumstances to specify amounts; for it is a maxim of law, applicable to such a condition of things, that “that is certain which can be rendered certain.”
It was testified by Olcott, that in a conversation with Hedrick in the year 1888, he (Olcott), with the advice and
We are of opinion that the decision of the Auditor and of the Equity Court on this point was correct.
2. The second question for our consideration is, whether the defendant Olcott was entitled as against his partner to have the latter charged with the alleged value of the losses to the firm through the fraudulent transactions of Cooper in the matter of his negotiations with Mrs. Norton.
It is very evident that the partners did not behave towards each other with the best faith in the world; and the record plainly discloses the fact that the complainant Cooper sought to gain some undue advantages for himself. But the advantages sought or gained by him in this case were too vague and indefinite to be the basis of compensation to his co-partner. His arrangement with Mrs. Norton was not a lease, but at best only an agreement to lease — a right, and not an estate — a right with reference to property, part of which as yet had no existence-; a right which might never actually be consummated in a lease. But whatever it was,
We think the decision of the Equity Court on this point also was correct.
With reference to the third point, the question of costs, it is sufficient for us to say that no such case has been made as would justify the charge of costs to be made against the complainant individually rather than from the assets in the hands of the receivers.
On the whole, we regard the decree of the Equity Court as right upon every point; and it is therefore affirmed, with costs.
Affirmed.
Reference
- Full Case Name
- COOPER v. OLCOTT
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- 1 case
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- Published