Abercrombie v. Cullen
Abercrombie v. Cullen
Opinion of the Court
Plaintiff sued on two causes of action. The first was on a promissory note in the sum of two thousand dollars, made and delivered by defendant W. E. Cullen to plaintiff. The second was on a written contract between plaintiff and W. E. Cullen, whereby plaintiff, in consideration of six thousand two hundred and fifty dollars paid by him, purchased sixty thousand shares of the capital stock of a mining corporation of Montana, in which Cullen was interested, upon the promise of Cullen that later on he would repay plaintiff one thousand seven hundred and fifty dollars. Only one thousand five hundred dollars hav
As to the second cause of action, appellants, in their brief, say that, after respondent purchased the sixty thousand shares of mining stock, six thousand five hundred dollars was paid to him by a third party for an option thereon at a purchase price of forty thousand dollars, that the option was not exercised and the six thousand five hundred dollars were forfeited to respondent, which is in excess of the amount he paid for the stock, which he still owns. Respondent’s dealings with his own property as he saw fit in no way relieved appellants. If he had received all of the forty thousand dollars from the third party to whom he gave the option, it was his affair, and still he could collect from appellants what they, for a good consideration, had promised to pay.
The complaint in this cause was served on July 3, 1916. Thereafter, and about January 26, 1917, appellants paid respondent five hundred dollars which he indorsed as a credit upon the two thousand dollar note sued on. Later, in the amended and supplemental answer, which was served and filed on December 3, 1917, it was alleged, as an affirmative defense and
The only remaining point of controversy between the parties in this court—and it is the principal one in the whole case—arises out of the fourth affirmative answer and counterclaim, which is denied by respondent. Appellants alleged that, at the solicitation of respondent, who was the owner of a group of mines in Oregon, appellants agreed to continue the development of the mines to a specified state, with the understanding that the cost, if above six thousand dollars, was to be borne equally, and when the work was completed respondent was to convey to appellants an undivided one-half interest in the mines; that, pursuant to the agreement, appellants completed the work at an expense of seventeen thousand dollars and demanded of respondent a settlement and a deed of conveyance, both of which were refused. On the other hand, respondent contends a written offer by him to the effect the appellants, at their own expense, were to prosecute the work to a specified state of development, when, should the ore body warrant it, appellants, at their own expense, were to patent the mining claim in consideration of a deed to an undivided one-half interest, was the only offer ever made or consented to in any
Being satisfied the findings and judgment of the court are correct, the judgment is affirmed.
Holcomb, C. J., Mackintosh, Tolman, and Main, JJ., concur.
Reference
- Full Case Name
- W. R. Abercrombie v. W. E. Cullen
- Status
- Published
- Syllabus
- Corporations (57)—Stock—Transfers'—Contracts—Actions. It is no defense to an action for a refund due the buyer of mining stock that, after its purchase, he received more than the purchase price from a third person upon a forfeited option given on the stock, since that was his own affair. Mines and Minerals (17, 19-1)—Contracts—Sale and Development. Upon an issue as to the terms of a contract for the development and sale of mining claims, which defendants claim left plaintiff indebted to them, held that conflicting evidence preponderates in favor of the plaintiff, in view of the fact of defendants’ borrowing money from and making a payment to plaintiff at the time of plaintiff’s alleged indebtedness to them.