Warren, Lane & Co. v. Hewitt
Supreme Court of Georgia
Sale for future delivery. Policy of law. Illegal Consideration. Ratification. Principal and agent. Before Judge Gibson. Richmond Superior Court. June Term, 1871. Wilson C. Hewitt brought complaint against Warren, Lane & Company for the recovery of $2,000 on a due bill, and $2,000 on an account for cash, paid to said Warren, Lane & Company to invest in cotton for said Hewitt.
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Sale for future delivery. Policy of law. Illegal Consideration. Ratification. Principal and agent. Before Judge Gibson. Richmond Superior Court. June Term, 1871. Wilson C. Hewitt brought complaint against Warren, Lane & Company for the recovery of $2,000 on a due bill, and $2,000 on an account for cash, paid to said Warren, Lane & Company to invest in cotton for said Hewitt. The defendants pleaded to said action that, on December 21st, 1869, they received from said plaintiff $2,000, to be used as a margin in the purchase for plaintiff of two hundred bales of cotton for future delivery; that…
1Opinion of the Court
Montgomery, Judge.
This was a suit by the defendant in error to recover the amount of a due bill for $2,000, borrowed by the plaintiffs in error.
A set-off was filed, which originated as follows: On December 20th, 1869, Hewitt employed Warren, Lane & Company, as factors and cotton brokers, to purchase two hundred bales of cotton for him, to be delivered in April following, “at seller’s option.” He placed $2,000 in their hands as a “margin.” The cotton was purchased in Baltimore, through a commercial house of that city, and the “margin” deposited with that house. The purchase was made December…
2Cases cited2 opinions
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3Cited by15 opinions
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- Cunningham v. National BankSupreme Court of Georgia · 1883
- Clarke, Harrison & Co. v. BrownSupreme Court of Georgia · 1886
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