McKinley v. Williams
Court of Appeals for the Eighth Circuit
Appeal from the Circuit Court of the United States for the District of Minnesota. This was a bill in equity by John M. Williams against John McKinley and George A. Elder, setting up a contract constituting the said McKinley the agent of complainant, and alleging that he had wrongfully, and in violation of Ms trust, made profits for himself by dealing in the subject-matter of his agency.
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Appeal from the Circuit Court of the United States for the District of Minnesota. This was a bill in equity by John M. Williams against John McKinley and George A. Elder, setting up a contract constituting the said McKinley the agent of complainant, and alleging that he had wrongfully, and in violation of Ms trust, made profits for himself by dealing in the subject-matter of his agency. The decree below avoided the contract of agency, deprived'the agent of 1ns stipulated compensation, and awarded a large recovery for profits wrongfully made. 65 Fed. 4. From this decree, defendant McKinley…
1Opinion of the Court
SANBORN, Circuit Judge.
The law guards the fiduciary relations with jealous care. It seeks to prevent the possibility of a conflict between the duty and the personal interest of a trustee. It demands that the agent shall-work with an eye single to the interest of his principal. It prohibits him from receiving any compensation but Ids commission, and forbids him from acting adversely to his principal, cither for himself or for others. It visits such a bread! of duty, not only with the loss of the profits he gains, but with the loss of the compensation which the faithful discharge of duty would…
2Cases cited29 opinions
- Kimberly v. ArmsSupreme Court of the United States · 1889
- Michoud v. GirodSupreme Court of the United States · 1846
- Brooks v. MartinSupreme Court of the United States · 1864
- Baker v. . DrakeNew York Court of Appeals · 1873
- Galigher v. JonesSupreme Court of the United States · 1889
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3Cited by55 opinions
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- Burnes v. BurnesCourt of Appeals for the Eighth Circuit · 1905
- Burton Schultz v. Commodity Futures Trading Commission, Incomco, Inc. And Philip M. SmithCourt of Appeals for the Second Circuit · 1983
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