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was sent to Hosie, who was a banker, for the express purpose of paying a certain note and mortgage, who entered it on his books to the credit of the person who sent it, and before the note and mortgage arrived at the bank to be paid, Hosie went voluntarily into bankruptcy, the party was not entitled to have the money so deposited repaid by the assignee, because it had become impossible to do so, the money having become part of the general assets of the bankrupt, and that he must take his chances with the general creditors. And in Bank of Commerce v. Russell, 2 Dill. 215, which was a case where a bank sent notes to a banker for collection, which he collected and placed with his other funds, the court held that the identical money not having been kept separate and distinct from the banker's other money, it could not be recovered from the assignee as a trust fund. Had Ward not failed or made an assignment, and had refused to pay the taxes, Neely could not have maintained an action against the First National Bank of Marquette for money had and received, based upon this theory that the money deposited by Ward constituted a trust fund. Much less could he have maintained such action against the Lansing National Bank. And if he could not in their hands, it is manifest that he could not follow it through their hands into those of Rood, and recover it in an action for money had and received.

An examination of cases at law where money has passed from the hands of the bailee or trustee to whom it was intrusted, to a third person, will show that the reason for allowing a recovery in an action for money had and received is based upon the fact that such person had received the plaintiff's money under circumstances which showed that he had no right to retain it as against the plaintiff. Thus in Rusk v. Newell, 25 Ill. 226, cited on plaintiff's brief, Rusk sent money by Newell, to be by him delivered to plaintiff's agent to be applied to a specified purpose. Newell delivered the money to the agent and took his receipt. He then received from the agent the same money back in payment of a debt due him from the agent. Here the identical money came to the hands of the defendant. He knew it was plaintiff's money when he received it, and knew it was being misapplied when he received it from the agent to pay the agent's debt due to him. Another case cited on plaintiff's brief will suffice by way of illustration to show the principle upon which the action can be maintained. Thus in Mason v. Waite, 17 Mass. 560, plaintiff had sent a package of money by one Sargent, a stage-driver, to be delivered in Boston. Defendant kept a gaming-house, and won the money from Sargent at a game of faro. Mr. Justice Parker said the identical money of plaintiff came to defendant's hands unlawfully, and that plaintiff could recover it from defendant in an action for money had and received.

In this case Ward received the money from the bank on Neely's check, and the same was placed by the bank to Ward's credit. He then drew checks on his account in the bank from time to time, until there remained due him from the bank about $91,and this indebtedness from the bank he transferred to Rood. The result of the whole proof is that plaintiff has wholly failed to trace Neely's money, or the avails of his money, or of the fund created by it, into the hands of Rood.

As the facts upon which the plaintiff's theory is based are not supported by the testimony in this case, it follows that the judgment of the Circuit Court must be affirmed.

The other justices concurred.

(See 3 Am. Rep. 491; 35 id. 511.—ED.)

UNITED STATES CIRCUIT COURT ABSTRACT.*

CONTRACT-SPECIFIC PERFORMANCE-REMOVAL OF CAUSE-RESIDENT.- (1) In order to sustain an action for specific performance against a railroad company to compel it to construct its line through a certain city, and for other relief, it is necessary for the complainant to prove that he had an agreement with the railroad company whereby that company was bound to construct and operate the main line of its road through that city. (2) A railroad company under a perpetual lease to a foreign corporation is not, by that fact, a resident of the same place as the latter; therefore an action against it and its lessor cannot be removed to a Federal court on the ground of its residence being in a State other than that of the complainant, unless it can be shown that it is not a material party. Cir. Ct., S. D. Iowa, February, 1884. Crane v. Chicago, etc., R. Co. Opinion by Shiras, J.

FRAUD-RIGHTS OF CREDITORS-DUTY OF COURTEFFECT OF ATTACHMENT.—In setting aside a fraudulent conveyance the cardinal rule of equity is to restore the creditors to what they have lost by the transaction, and their rights are satisfied when they are placed in statu quo. The court does not seek to improve their condition by imposing forfeitures and penalties for the sake of punishing the fraud. Where therefore the goods are immediately attached, taken from the vendee before they have been lost, damaged, or depreciated in his hands, and have been sold by the court at a small advance over the price paid by the vendee, the money being in court for distribution, the court did not, on the facts of the case, charge the vendee with any additional sum to increase the value, and allowed the fund to stand as a security to the vendee for a bona fide debt paid by the debtor out of the price given by the vendee. Cir. Ct., W. D. Tenn., May 22, 1884. Flash v. Wilkerson. Opinion by Hammond, J. CONTEMPT-UNITED STATES COURT-PUNISHMENT. -The power of the courts of the United States to punish for contempt and imprison for non-payment of money judgments is circumscribed and controlled by the laws of the State; and where an order made in the progress of the cause is of the character in substance of a judgment or decree for the payment of money, it cannot be enforced upon the theory that disobedience is a contempt. Rev. Stat., §§ 725, 990; In re Atlantic Mutual Ins. Co., 17 N. B. R. 368; The Blanche Page, 16 Blatchf. 1; Catherwood v. Gapete, 2 Curt. 94; United States v. Tetlow, 2 Low. 159; Low v. Durfee, 5 Fed. Rep. 256. Cir. Ct., S. D. N. Y., May 30, 1884. Mallory Manufacturing Co. v. Fox. Opinion by Wallace, J.

CONTRACTS-FUTURES-OPTION-AGENT - INTENT — LEGALITY PRESUMED-EVIDENCE-BURDEN OF PROOF.

-If the parties intend in fact to buy or sell actual cotton, to be delivered at a future time agreed upon by them, it is not a gambling transaction, although they exercise the option in settling the difference in price rather than make delivery; but if the original purpose be not to deliver cotton, but to use the form of a contract for a genuine sale, as a method of merely speculating in the fluctuations of the market price the contract is void, although there be an option of veritable sale and delivery. It is a question of fact for the jury to determine the intention. (2) Where the principal employs an agent to buy "futures," if the dealings be illegal as gambling transactions, the agent cannot recover his advances and commissions, as he is the active agency engaged in placing the contracts and directing the business. (3) Where *Appearing in 20 Federal Reporter.

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the defendant employed the plaintiff to buy "futures' in the market of the plaintiff, without specific instructions or restrictions, the plaintiff may assume that the business is to be done by the rules or custom established for himself; and the defendant's knowledge of that custom is not material; neither is his intention to engage in gambling in prices material in determining whether the contracts actually made were illegal; but the test of illegality is the intention of the plaintiff and the other parties to the contracts. If they intended to make contracts for actual delivery, and not for gambling in prices, the defendant is bound for the advances and commissions, although he intended and supposed he was only gambling in prices. (4) While the law presumes that every man's contracts are intended to be legal until the contrary appears, and the defendant who sets up illegality must prove it, there is no presumption that any particular contract is valid or invalid, and the plaintiff must prove the case made by his declaration. In doing this, if it appears that the dealings were illegal, he cannot recover, and the jury is to follow the presumption of legality only where there is no proof whatever to satisfy them to the contrary. Cir. Ct., W. D. Tenn., April 30, 1884. Kirkpatrick v. Adams. Opinion by Hammond, J.

OREGON SUPREME COURT ABSTRACT.

ARBITRATION AND AWARD-INVALID-PROMISE TO PERFORM-RATIFICATION.-An award which does not determine all matters submitted to the arbitrators is not binding, but a subsequent promise to perform by the party against whom it is sought to be enforced, operates as a ratification, and renders it obligatory. As the submission might have been by parol, the subsequent parol promise to perform the award, including the value of the surplus material, was a valid ratification of the award in that respect. Page v. Pendergast, 2 N. H. 233. The general rule undoubtedly is that an award which does not determine every matter submitted is not binding. Wats. Arb. 121; Wright v. Wright, 5 Cow. 197; Jackson v. Ambler, 14 Johns. 96; Jones v. Welwood, 71 N. Y. 208; Davis v. Dyer, 54 N. H. 146. But a subsequent ratification takes away all objections, on this ground and a promise to perform the award is sufficient. Cross v. Cross, 17 N. J. Eq. 288; Williams v. Williams, 11 Smedes & M. 393; Culver v. Ashley, 19 Pick. 300. Belt v. Poppleton. Opinion by Watson, C. J.

[Decided Jan., 1884.]

MORTGAGE EVIDENCE TO SHOW DEED TO BE-EQUITABLE CONSTRUCTION.—(1) Whether an instrument, not being apparent on its face, is to be regarded as a mortgage, depends on the circumstances under which it was made and the relations subsisting between the parties. Evidence of these circumstances and relations is admitted, not for the purpose of contradicting or varying the deed, but to establish an equity superior to its terms. Pierce v. Robinson, 13 Cal 116; Peugh v. Davis, 96 U. S. 336; Cornell v. Hall, 22 Mich. 377; Campbell v. Dearborn, 109 Mass. 130; Brant v. Robertson, 16 Mo. 143; Horn v. Keteltas, 46 N. Y. 608; Jones, Mortg., $258. As a consequence of this doctrine each case must be scrutinized and judged by its own surrounding facts and circumstances; and when the result of the evidence is to produce doubt the courts incline to construe the instruments to be a mortgage. Conway's Exrs. v. Alexander, 7 Cranch, 218; Edrington v. Harper, 3 J. J. Marsh. 354; Jones, Mort., § 279. (2) The object of a mortgage is to secure a debt; to effect that purpose the right of disposition must exist somewhere and be founded on the contract of the parties, either expressed or implied. (3) The conveyance of lands for

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the purpose of securing the payment of a sum of money, if it leaves a right of redemption upon payment of the debt, and if there is a power of sale, whether in the creditor or some third person to whom the conveyance is made for that purpose, it is still in effect a mortgage. "If there is a power of sale," says Miller, J., in Shillaber v. Robinson, 97 U. S. 68, "whether in the creditor of some third person it is still in effect a mortgage, though in form a deed of trust, and may be foreclosed by sale in pursuance of the terms in which the power is conferred, or by suit in chancery." To effect the object of this transaction it was necessary to convey the property in the form adopted, not only as security for the payment of the money advanced, or paid for the plaintiff, but to enable them to make the sales necessary to liquidate the debt, and when this was done, when the transaction had accomplished its purpose, it would seem upon equitable principles that the residue of the property, like the excess over the amount of the debt after sale, as decided in Crane v. Buchanan, 29 Ind. 570, would belong to the grantor or plaintiff. Such being the object of the transaction, it would be a fraud on the plaintiff, when the debt secured by the property is paid, to defeat the right of the plaintiff to the residue. Equity, which abhors fraud, will not permit this (Sweetzer's Appeal, 71 Penn. St. 264), nor a fraudulent use of the statute for the prevention of frauds. Ryan V. Dox, 34 N. Y. 308. (4) It is always the actual facts, and not the form of the transaction, by which equity is governed in determining the real character of the instrument; whether intended as an absolute conveyance or a mortgage, it is equally valid, and equity will give effect to it according to the substantial interest of the parties. Horn v. Keteltas, 46 N. Y. 603. Stephens v. Allen. Opinion by Lord, J. [Decided Jan. 14, 1884.]

MISSOURI SUPREME COURT ABSTRACT.*

BANK-PAPER DEPOSITED FOR COLLECTION AND CREDIT-RIGHTS OF DEPOSITOR AND BANKER.-If paper be deposited in or forwarded to a bank for collection, and in pursuance of a pre-arranged mode of dealing the bank immediately places the amount to the credit of the depositor, and the depositor thereupon draws or is entitled to draw against the same as cash, this works a transfer of title, so that the depositor cannot afterward claim the paper; and it is immaterial that if the paper is not paper the bank has the right to charge it back. Citing Clark v. Merchants' Bank, 2 N. Y. 380; Scott v. Ocean Bank, 23 id. 289; Lord Eldon in Ex parte Sargeant, 1 Rose, 153; Story Agency, § 228; Ex parte Thompson, 1 Mont. & McA. 102; and distinguishing Sweeny v. Easter, 1 Wall. 166; White v. National Bank, 102 U. S. 658; First National Bank v. Reno Co. Bauk, 1 McCrary, 491; Cecil Bank v. Farmers' Bank, 22 Md. 148; Levi v. Bank, 5 Dill. 107; Mechanics' Bank v. Valley Packing Co., 70 Mo. 643; Millikin v. Shapleigh, 36 id. 598, and Lawrence v. Stonington Bank, 6 Conn. 529. Plaintiffs sent to the Mastin bank a check drawn on defendants, indorsing it thus: 46 'Pay J. J. Mastin, cashier, for collection account of" plaintiffs. The check was inclosed in a letter, which stated that it was "for collection and credit." The Mastin bank had a standing arrangement with plaintiffs to give them "credit on the day of receipt for cash items and checks," and it gave credit for this check accordingly, and plaintiff drew against it the day it was mailed. The Mastin bank sent the check to defendants, who were its correspondents, and defendants charged the same to the drawer, To appear in 79 Missouri Reports.

who had sufficient funds, and credited it to the Mastin
bank. The latter had in the meantime failed, and
made an assignment, but defendants did not know
this.
Held, that the title to the check had vested in
the Mastin bank, and plaintiffs could not recover the
amount of defendants. Ayres v. Farmers & Merchants'
Bank. Opinion by Henry, J.

AGENCY--AGENT'S AUTHORITY TO RECEIVE PAYMENT.
-The employment of a canvassing agent for the sale of
books by subscription confers no authority to receive
payment for books sold but not delivered by him, nor
ever in his possession. Butler v. Dorman, 68 Mo. 298.
Chambers v. Short. Opinion by Henry, J.

DEED

STATUTE OF

SPECIFIC PERFORMANCE FRAUDS.-The orator by verbal contract purchased the wild land in question, entered into possession, built roads and shanties for choppers, and took off a quantity of the lumber. Defendant B., as the agent and attorney of the defendant A., and by his direction, brought suit on a note held by A. against the former owner, and acquired the title in his own name, by attachment and levy, with the understanding of all parties that the land was to be conveyed to the orator, if not redeemed. It was not redeemed, and the orator paid B. according to the contract. A deed was made, but was not witnessed, nor acknowledged, nor delivered, but was expected to be in a short time. A bill having been brought to compel the defendant to deed,

takes the contract from the operation of the provision of the statute for the prevention of frauds, and entitles the orator to a decree in his favor. Pike v. Morey, 32 Vt. 37; Stark v. Wilder, 36 id. 752. The case last above cited very clearly states what is required by way of part performance of a parol contract for the purchase of land to take such contract out of the opera

COVENANT-LIABILITY OF COVENANTOR-SUCCESSIVE GRANTORS.—(1) The fact that the defendant in eject-held, that by all the authorities such a performance ment, evicted under title paramount, was not in posfession when the ejectment was brought, is no defense to an action by him against his grantor on covenants of warranty, where it appears that the grantor himself defended the ejectment. (2) Where land has been conveyed with successive covenants of warranty, and the last grantor has been compelled to indemnify his grantee, he may in turn have recourse to his grantortion of the statute of frauds, and to entitle the purfor the amount paid. Dickson v. Desire, 23 Mo. 151; Chambers v. Smith, id. 174; Cockrell v. Proctor, 65 id. 41; Conklin v. Railroad Co., id. 533; Vancourt v. Moore, 26 id. 98; Rawle on Covenants (4th ed.), 341. Jones v. Whitsett. Opinion by Martin, Commissioner.

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chaser, in possession, to a decree for a specific performance of the contract. Griffith v. Abbott. Opinion by Ross, J.

STATUTE OF FRAUDS-DEBT OF ANOTHER-WHEN NOT WITHIN.-The debt sought to be recovered in this action is one for which Isaac A. Bailey, father of the defendant, was liable as surety. The defendant was not liable upon it originally. In the year 1863 the defendant took a conveyance of the real and personal property of Isaac A. upon condition that he would pay all Isaac A.'s debts that remained due. This debt in question, which was not negotiable, became the property of the plaintiff on the 31st day of May, 1876, and after that date the defendant promised the plaintiff that he would pay it, if his brother Harvey, who was the principal upon the notes evidencing the debt, did not. The defendant contends that this was a promise to answer for the debt of another, and being in parol, was within the statute of frauds. It has been held in this State that where a debtor places property of any kind in the hands of a third person, and that person promises to pay the debt, such promise is not within the statute. Merrill v. Englesby & Tr., 28 Vt. 150; Wait v. Wait's Executors, id. 350; Smith v. Est. of Rogers, 35 id. 140; Fullam v. Adams, 37 id. 391. Bailey v. Bailey. Opinion by Taft, J. (See 46 Am. Rep.

EVIDENCE-PRINTED LAWS AND ORIGINAL ROLLSCHARTER OF A TOWN-EXCEPTIONAL CASE.-The original roll, as deposited with the secretary of State, is the best evidence of a legislative enactment. Yet where there was a discrepancy between the charter of a town as published in the printed laws of the State and the statute roll on file in the office of the secretary of State, in this, that in the former it was provided that the trustees of the town might impose fines for breach of any of their ordinances, not to exceed $20 in amount, and in the latter the word " "twenty was ninety; and from aught that appeared in the record this discrepancy was first brought to the attention of the defendant upon his trial, about twenty years after the enactment of the charter, in an action by the town to recover of him a penalty of $90 for refusing to take out a merchant's license, as required by ordinance. Held, that under the exceptional circumstances of the case, the printed copy of the charter would control in determining defendant's liability. Pacific R. Co. v. The Governor, 23 Mo. 353; Noy's Maxims, 37; 4 Inst. 240; Pease v. Peck, 18 How. 595. Town of Pa- | 296.) cific v. Seifert. Opinion by Philips, Commissioner.

VERMONT SUPREME COURT ABSTRACT.

TROVER-CHATTEL MORTGAGE-TENANTS IN COMMON.-S. and W. were the owners of certain furniture. S. executed to the plaintiffs a chattel mortgage of his undivided half of the same to secure them for having signed a note with him as sureties. W. was in possession of the whole furniture; and while so in possession caused S.'s half to be attached on a debt against him; but the property was not removed, and in a few weeks, though after the commencement of this suit, the attachment was released. Held, that the plaintiffs at best were only tenants in common with W.; that W. had a right to the possession equal to that of his cotenants; and that an action of trover would not lie against the officer serving the writ, as his acts did not amount to a conversion. Welch v. Clark, 12 Vt. 681; Frost v. Kellogg, 23 id. 308; Gassett v. Sargeant, 26 id. 424. Spaulding v. Orcutt. Opinion by Veazey, J.

NEBRASKA SUPREME COURT ABSTRACT.

STATUTE OF LIMITATIONS-ACKNOWLEDGMENT.-The debtor wrote and sent a letter to the plaintiff creditor within less than four years next before the commencement of the action on the account, saying: "If ever I get able I will pay you every dollar I owe to you, and all the rest. You can tell all as soon as I get any thing to pay with I will pay. As for giving a note it is of no use. I will pay just as quick without a note as isting liability," and thereby took the case out of the with it." Held, that the letter acknowledged an "ex

operation of the statute of limitations. Devereaux v.
Henry. Opinion by Reese, J.
[Decided May 28, 1884.]

TRIAL-RIGHT TO OPEN AND CLOSE-LIBEL-EVIDENCE.—(1) In an action for libel, where the defendant justifies and pleads the truth of the charge, and that the publication was founded upon rumor, and was without malice, held, that the question of malice being in issue, the plaintiff was entitled to open and

close. Lexington Ins. Co. v. Paver, 16 Ohio, 324. (2) In an action for the publication of an alleged libel in a designated newspaper, the republication of the same matter in other papers is not admissible in evidence. Vifquain v. Finch. Opinion by Maxwell, J. [Decided May 27, 1884.]

AGENCY-NOTICE TO PRINCIPAL.-When an agent is clothed with ample powers to buy and sell real estate, and institute and defend suits in the name of his principal, actual notice to him in relation to the subject-matter of the agency is actual notice to the principal, and is a valid defense on a motion to set aside a judgment rendered by default in cancelling a tax deed. Story Ag., $140. Merriam v. Calhoun. Opinion by Maxwell, J. [Decided May 27, 1884.]

EVIDENCE-DECLARATION OF AGENT-RES GESTÆ.— In an action by B. against H. for the value of a horse which B. had left at the livery-stable of H., with permission to occasionally let him to proper and careful drivers, and which had been let on the fourth day of July to an improper person, was overdriven, and not properly cared for, from the effects of which he died on the eighth of July following, a statement made to B. by the agent of H., and foreman and general manager of said livery-stable, as to the condition and appearance of the horse when returned to the stable, July 4, his symptoms since that time, and at the then present time, was properly admitted in evidence on the part of the plaintiff, having been made at the same time of the depending transaction, and constituting a part of the res gesta. Homan v. Boyce. Opinion by Cobb, C. J.

[Decided May 28, 1884.]

FIXTURES-INTENTION-BUILDING ERECTED PENDING SALE-REPLEVIN.-As to whether a building constructed upon the land of a person other than the owner of the building becomes annexed to and a part of the freehold, must depend to a great extent upon the facts and circumstances of the case and the intention of the parties. The owner of real estate offered it for sale; then put it into the hands of an agent for sale at a fixed price. The agent sold it for the price named. The purchaser, without a written contract, or the payment of any money, took possession of the property, pending the execution of the deed, and began the erection of a house thereon for himself. The owner of the real estate afterward repudiated the sale of the land, and took possession of the building constructed by the purchaser. Held, that the purchaser was not divested of his title to the building, he being in no default, and having constructed the building in good faith, and that he could maintain replevin therefor. The authorities all distinguish between an unauthorized erection of the buildings upon the land of another, and improvements made thereon by his consent, as respects the title to the improvements or the beneficial interest therein. See Tyl. Fixt. 88, 81. Suppose the contract of sale and authority to take possession and construct the building, pending the completion of the contract, had been made by the plaintiff in error, and he had afterward refused to execute and deliver the necessary deeds, would the case have been materially different from what it is? We think not. The right to remove buildings under such circumstances is strictly equitable in its nature, but as between the parties it has come to be recognized at law. Little v. Millford, supra; 2 Am. Lead. Cas. (5th ed.) 589. The case of Rush Co. v. Stubbs, 25 Kans. 322, is quite similar to this in many respects. There the plaintiff placed its building upon the land of the defendant, upon which he had a homestead filing, with the understanding that he should convey to the plaintiff when he procured his patent from the United

States. The building was placed upon a permanent stone foundation, but the agreement with Stubbs was not in writing. Stubbs obtained his patent to the land, but refused to convey to the county, and also refused to allow the plaintiff to remove the house. The county replevied the house, and the Supreme Court decided the action could be maintained. Brewer, J., in delivering the opinion of the court, used the following language: The house "was placed by the plaintiff upon the land to which the defendant, Stubbs, had an inchoate title, with the understanding that it should remain the property of the plaintiff. How did the plaintiff lose its title? The manner in which it was annexed to the ground did not prevent the intention of the parties from remaining effective. The building was, it is true, on a stone foundation, but it was held there by its own weight. That it could be removed without destruction is evident, not merely from the description of the building, but also from the fact that it had been once moved. The contract of purchase may be laid out of consideration, for it was void, and was repudiated by the owner of the realty, and it was not intended thereby to affect the ownership of the building. * * * The intention of the parties made this building personalty, and neither the manner of annexation nor any other matter prevented this intention from being carried into effect. Demand was conceded. Replevin and not forcible entry and detainer, is the remedy to recover personal property." Waters v. Reuber. Opinion by Reese, J. [Decided May 29, 1884.]

IOWA SUPREME COURT ABSTRACT.

NEGLIGENCE-CROSSING RAILROAD-CONTRIBUTORY NEGLIGENTE-FAILURE TO LOOK AND LISTEN.-Where a party driving has, at a distance of fifty feet from the railroad, an unobstructed view of 1,300 feet of the track, and his attention is in no way diverted from seeing an approaching train, his failure to look and listen is such negligence that he cannot recover if injured by a train upon the track. Schaefert v. C. M. & St. P. R. Co., 17 N. W. Rep. 893. Where two tracks run parallel at some distance apart, though the train on the first track might have prevented the plaintiff from seeing the train on the second track (the one on which the collision occurred), he is not excused from seeing the train on the first track, the view being unobstructed, and waiting until it passed to see if there was danger in crossing the second track; the crossing of one track, and the attempt to cross the other, were parts of one act. Pence v. Chicago,'R. 1. & P. R. Co. Opinion by Rothrock, C. J. [Decided June 4, 1884.]

AGENCY-COMMISSIONS-WHEN NOT ENTITLED TO.Where a real estate agent contracts to sell lands at certain designated terms and prices, for a specified commission, he does not show himself entitled to the commission when he claims only to have furnished a customer to whom the owner might sell if they could come to any agreement as to prices and terms, especially where, as in this case, the owner made the transaction in entire ignorance that the real estate agent had any thing to do with producing the purchaser, and where the prices and terms agreed upon were materially different from those the agent was authorized to offer. There is no doubt that an agent or broker who is employed to sell property at a designated price and on stated terms is entitled to his commission when he has found a customer who is able and willing to take the property at that price and on those terms, whether the sale is consummated or not. McGavock v. Woodlief, 20 How, 221; McArthur v, Slauson (Wis.), 9 N. W.

Rep. 784. It is also true that where the undertaking of the agent is simply to find a purchaser, he will be entitled to compensation when he produces a customer who is ready and willing to buy it, and with whom the principal enters into negotiations which result in the purchase by him of the property. Iselin v. Griffith, 18 N. W. Rep. 302; Kimberly v. Henderson, 29 Md. 512; Jones v. Adler, 34 id. 440; Gillett v. Corum, 7 Kan. 159. But this case is not within either of these principles. Plaintiffs' employment was to sell the land. The allegation of their petition is that defendant appointed them its agent for the sale of the land, and this allegation is admitted in effect by the answer, and the evidence shows that they were furnished a list of the lands, which stated the price and terms on which they were authorized to sell it. They were agents then for the sale of the land, at the prices and on the terms stated in the list. They do not claim however that they have procured a purchaser to take the land at those prices or on those terms. Nor do they claim that they are entitled to recover on that ground. Their claim is that they induced the purchaser to enter into the negotiation with defendant which resulted in the sale of the property, and this is the ground on which the court held they were entitled to recover. But they are clearly not entitled to recover on this ground, on the theory that what they did was a performance of their undertaking when they accepted the agency; for as we have seen their contract was to sell the land at the prices and on the terms designated in the list, and not merely to furnish a customer to whom defendant might sell it if they were able to come to an agreement as to prices and terms. We think the difference between what plaintiff contracted to do and what they claim to have done is very apparent and very material. If what they did do was accepted by the defendant as a performance of their undertaking in the contract, they doubtless would be entitled to the commissions provided for in the contract. This is the doctrine of Stewart v. Mather, 32 Wis. 349. Blodgett v. Sioux City & St. P. R. Co. Opinion by Reed, J. [Decided June 5, 1884.]

FINANCIAL LAW.

NEGOTIABLE INSTRUMENT-ACCOMMODATION PAPER -CONTRIBUTION-PAROL EVIDENCE AS TO LIABILITY.

(1) A note indorsed by the payee and another simultaneously, for the accommodation of the maker, raises as between the indorsers an obligation to contribute in case of non-payment. McCarty v. Roots, 21 How. 437; Woodward v. Severance, 7 Allen, 340; Clapp v. Rice, 15 Gray, 557; and Church v. Barlow, 9 Pick. 547. We do not understand the legal proposition determined in Coolidge v. Wiggin, 62 Me. 568, and Kirschuer v. Conklin, 40 Conn. 77, to be in any respect different. In the latter case it was found as a fact that the indorsers were not joint guarantors or indorsers, and in the former it was held that the mere fact that the indorsers placed their names upon the note for the accommodation of the maker would not change the legal presumption, or make the indorsement joint. These cases are distinguishable, because it must be assumed that the District Court found that the plaintiff and defendant were joint sureties on accommodation paper; and if one indorser suffers judgment to be recovered against him on the note, and pays the same, he must bring his suit against the other for contribution within five years. It was held in Wilson v. Crawford, 47 Iowa, 469, that the payment of a judgment by a surety on the instrument upon which the judgment was rendered, gives him a right of action against the judgment debtor upon an implied promise for repay

ment of the money, and that the right of action accrues when the payment is made, and that such action is barred in five years from the time it accrued. See also Lamb v. Withrow, 31 Iowa, 164, and Johnston v. Belden, 49 id. 301. (2) Parol evidence is admissible to show that the actual transaction between the parties was other and different from that implied by law, because of the order in which the names appear on the back of the note. The reasons are thus stated by Church, C. J., in Hubbard v. Gurney, 64 N. Y. 458-463, "it does not tend to alter or vary either the terms or legal effect of the written instrument. The contract was in all respects the same whether the defendant was principal or surety. In either case it was an absolute promise to pay $1,000 one day after date; nothing more, nothing less. There is neither condition nor contingency; it would have been precisely the same contract if the defendant had added the word "surety" to his name. The addition of that word would not have varied it in the slightest degree. The only service it would have performed would have been to give notice to the other party. If it is shown aliunde, it is equally effective." This reasoning is entirely satisfactory, and is sustained by the following cases: Rey v. Simpson, 22 How. 341; Good v. Martin, 95 U. S. 93; Riley v. Gregg, 16 Wis. 666; Carpenter v. King, 9 Metc. 511; and the following cases determined by this court: Kelley v. Gillespie, 12 Iowa, 55; Harrison v. McKim, 18 id. 485; and James v. Smith, 30 id. 55. Sup. Ct. Iowa, June 7, 1884. Preston v. Gould. Opinion by Seevers, J. (19 N. W. Rep. 834.)

NEGOTIABLE INSTRUMENT — DRAFT-RELEASE OF ACCEPTOR-RIGHTS OF DRAWER.-The release of an acceptor of a draft, even though it be effected by a mere agreement not to sue, has the effect to release the drawer. That this is the rule we think cannot be denied. 2 Dan. Neg. Inst., § 1291. This rule should not be confounded with the rule in respect to a joint maker. Dean v. Newhall, 8 Term. R. 168. No legal question being presented, we have only to inquire in regard to the construction which should be put upon the writing in this case. Did it have the effect to preclude the plaintiff from maintaining an action upon the draft for the enforcement of a personal obligation? It certainly did, unless the right to enforce such obligation was saved by the words, " "nothing herein shall be construed as in any manner affecting the rights of said bank to the proceeds of a mechanic's lien upon the Cresco elevator, nor the rights of Day Bros." But in our opinion, the right to enforce a personal obligation was not saved by such provision. If the intention had been to save such right, the agreement not to prosecute any action upon any claim held by plaintiff should have been qualified simply by excepting therefrom the draft in question. But the qualification is made to apply to the proceeds of a lien, evincing very clearly, as we think, a design to save the plaintiff's rights in respect to a supposed claim in rem. It is true, that as a matter of fact, the plaintiff had no claim in rem. The drawing and acceptance of the draft did not have the effect to carry the lien, though probably the draft was drawn and accepted with reference to the debt secured by the lien. This precise question was decided in First Nat. Bank of Decorah v. Day, 52 Iowa, 680. But this does not change the fact that the plaintiff thought that it had a right to such lien; or to use its own language, a right to the proceeds of the lien. Nor do we think that the plaintiff is helped by the provision of the writing that the rights of Day Bros. growing out of the claim secured by the lien should not be affected. The intention appears to have been simply that Day Bros. should have the full benefit of that claim by the enforcement

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