Williams v. Patrick
Massachusetts Supreme Judicial Court
Contract, upon the following agreement: “ $2,500. We, the undersigned, hereby agree to refund to John G. Williams the twenty-five hundred dollars which he has this day invested for a one fourth interest in the Surety Rupture Company of Kittery, Maine, and Boston, Mass., if he so elects or desires, and assigns said stock to the undersigned, one year from the date of this paper, April 8th, 1898. (Signed) J. E. Patrick, S. S. Carpenter.”
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Contract, upon the following agreement: “ $2,500. We, the undersigned, hereby agree to refund to John G. Williams the twenty-five hundred dollars which he has this day invested for a one fourth interest in the Surety Rupture Company of Kittery, Maine, and Boston, Mass., if he so elects or desires, and assigns said stock to the undersigned, one year from the date of this paper, April 8th, 1898. (Signed) J. E. Patrick, S. S. Carpenter.” At the trial in the Superior Court, before Pierce, J., the plaintiff requested a ruling that, if the stock was valueless one year from the date of the contract,…
1Opinion of the CourtKnowlton, J.
The material facts in this case are almost id&itical with those in Boynton v. Woodbury, 101 Mass. 346, in which it was held that the contract was, in legal effect, to give the plaintiff an option for a year to treat the transaction as a loan, with collateral security, to be repaid on a return of the stock, or to treat it as an absolute sale. In that case it was held that a notice to the defendant within a year of the plaintiff’s election to have his money back was sufficient to entitle the plaintiff to maintain the action without a tender of the stock, provided he kept the stock in his…
2Cases cited9 opinions
- Hills v. Exchange BankSupreme Court of the United States · 1882
- Boynton v. WoodburyMassachusetts Supreme Judicial Court · 1869
- Peebles v. Boston & Albany RailroadMassachusetts Supreme Judicial Court · 1873
- Andrews v. KnowltonMassachusetts Supreme Judicial Court · 1876
- Ashburn v. PoulterSupreme Court of Connecticut · 1869
4 more not listed; retrieve them via the Exa API.
3Cited by8 opinions
- St. Louis S. F. Ry. Co. v. RichardsSupreme Court of Oklahoma · 1909
- Perry v. LittleTexas Supreme Court · 1967
- Lyons v. SniderSupreme Court of Minnesota · 1917
- Ashley v. Rocky Mountain Bell Telephone Co.Montana Supreme Court · 1901
- Gilman v. CaryMassachusetts Supreme Judicial Court · 1908
3 more not listed; retrieve them via the Exa API.