Smith v. . Tracy
New York Court of Appeals
Appeal from the Supreme Court. The action was for breach of warranty on the sale of two hundred shares of stock, owned -by the late Albert H. Tracy, in the Hollister Bank of Buffalo, of the nominal value of $10,000. The cause was tried at the Erie Circuit, in June, 1865, before Mr. Justice Grover and a jury. The sale of the stock was claimed to have been made on the 9th of January, 1857. On that day Mr. Tracy received his pay.
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Appeal from the Supreme Court. The action was for breach of warranty on the sale of two hundred shares of stock, owned -by the late Albert H. Tracy, in the Hollister Bank of Buffalo, of the nominal value of $10,000. The cause was tried at the Erie Circuit, in June, 1865, before Mr. Justice Grover and a jury. The sale of the stock was claimed to have been made on the 9th of January, 1857. On that day Mr. Tracy received his pay. He continued to reside in Buffalo until his death, in September, 1859. The failure of the bank occurred in August, 1857, and the claim on which this suit was founded…
1Opinion of the CourtPorter, J.
We concur with the Court below in the opinion that Hollister had no authority to warrant the stock, which his principal empowered him merely to sell. The rule applicable to such a case is stated with discrimination and accuracy in our leading text-book on the law of contracts: “An agent employed to sell, without express power to warrant, cannot give a warranty which shall bind the principal, unless the sale is one which is usually attended with warranty” (1 Parsons on Contracts, 5th ed. 60). It was proved that no such custom exists in connection with the sale of bank stocks, and that the…
2Cases cited6 opinions
- Bennett v. . JudsonNew York Court of Appeals · 1860
- Condit v. . BaldwinNew York Court of Appeals · 1860
- Palmerton v. HuxfordNew York Supreme Court · 1847
- Bell v. . DayNew York Court of Appeals · 1865
- Beals v. AllenNew York Supreme Court · 1820
1 more not listed; retrieve them via the Exa API.
3Cited by44 opinions
- Harriss v. TamsNew York Court of Appeals · 1932
- Deyo v. . HudsonNew York Court of Appeals · 1919
- Baldwin v. . BurrowsNew York Court of Appeals · 1872
- Bierman v. . City Mills Co.New York Court of Appeals · 1897
- Wheeler v. Northwestern Sleigh Co.U.S. Circuit Court for the District of Eastern Wisconsin · 1889
39 more not listed; retrieve them via the Exa API.