Selden, Withers & Co. v. Bank of Commerce
Supreme Court of Minnesota
Appeal from a judgment of the District Court of Ramsey County. The action was founded upon an obligation of which the following is a copy: “Washington, March 31, 1852. “On demand we promise to pay to the order of IT. B. Sweeny, Esq., Cashier, twenty thousand dollars, for value received — the sum of $25,000 in bonds of the Chesapeake and Ohio Canal Company being hypothecated for the same.
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Appeal from a judgment of the District Court of Ramsey County. The action was founded upon an obligation of which the following is a copy: “Washington, March 31, 1852. “On demand we promise to pay to the order of IT. B. Sweeny, Esq., Cashier, twenty thousand dollars, for value received — the sum of $25,000 in bonds of the Chesapeake and Ohio Canal Company being hypothecated for the same. The interest accruing on said bonds from this date to he equally divided between the said LI. B. Sweeny, Cashier, and.the undersigned. R. W. Latham & Co.” The complaint alleged that the Defendants, Selden,…
1Opinion of the Court
By the Oowrt
— Emmett, C. J.
Nothing is better settled than that an agent has an implied authority to bind his principal in all matters which are fairly within the general scope of his agency, even although in the particular case the authority to act may have been expressly denied by the terms of his appointment, if this want of authority is not known to the other party. But if it be known that he has not the power to act in the particular case, the principal is not bound, for he may limit the of his at and that limitation is *178elusive upon all who deal with him with a knowledge of its existence.…
2Cases cited2 opinions
- N. Rogers & Sons v. BatchelorSupreme Court of the United States · 1838
- Livingston v. RooseveltNew York Supreme Court · 1809
3Cited by18 opinions
- State v. SchifskySupreme Court of Minnesota · 1955
- State v. MimsSupreme Court of Minnesota · 1975
- Marks v. BakerSupreme Court of Minnesota · 1881
- Danes v. PearsonIndiana Court of Appeals · 1893
- State v. McCarteySupreme Court of Minnesota · 1871
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