Clark & Co. v. Bank of Wheeling
Supreme Court of Pennsylvania
Error to the District Court, Philadelphia. This was an action by the Merchants’ and Mechanics’ Bank of Wheeling against E. W. Clark & Brothers and Earnum, of New Orleans, for the amount of a bill of exchange purchased by the latter with the funds of the bank, and at its instance. The bank made remittances to the said firm at New Orleans, with directions to convert the same into bills on New York or Philadelphia.
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Error to the District Court, Philadelphia. This was an action by the Merchants’ and Mechanics’ Bank of Wheeling against E. W. Clark & Brothers and Earnum, of New Orleans, for the amount of a bill of exchange purchased by the latter with the funds of the bank, and at its instance. The bank made remittances to the said firm at New Orleans, with directions to convert the same into bills on New York or Philadelphia. The defendants • purchased a bill on Spafford, Tillotson & Co. of New York, at sixty days, for $3098.77, and on the 26th April, 1845, they remitted it to John T. Smith & Co., of New…
1Opinion of the Court
The opinion of the court was delivered by
Lewis, J.
It is an agent’s imperative duty to give his principal timely notice of every fact or circumstance which may make it *325necessary for Mm to take measures for Ms security: Paley 38; Devall v. Burbridge, 4 W. & Ser. 306. And if, by his neglect to do this, the principal has suffered a loss, he is entitled to be indemnified by the agent: Brown v. Arrott, 6 W. & Ser. 416. In a case of this kind Mr. Justice Kennedy considers it just and reasonable that the agent “ should be held responsible for any loss that has happened, which possibly might have been…
2Cited by3 opinions
- Commercial Union Assur. Co. v. WinsteadCourt of Appeals of Texas · 1919
- Moore v. CommonwealthCommonwealth Court of Pennsylvania · 1973
- Lease v. ChristySuperior Court of Pennsylvania · 1905