Watts Mercantile Co. v. Buchanan
Mississippi Supreme Court
From the circuit court of, second district, Jones county. Hon. David M. Miller, Judge. Buchanan, appellee, was plaintiff in the court below; the mercantile company, appellant, was defendant there. From a judgment in plaintiff’s favor defendant appealed to the supreme court. The facts are stated in the opinion of the court.
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From the circuit court of, second district, Jones county. Hon. David M. Miller, Judge. Buchanan, appellee, was plaintiff in the court below; the mercantile company, appellant, was defendant there. From a judgment in plaintiff’s favor defendant appealed to the supreme court. The facts are stated in the opinion of the court. The court below held that Donald as manager had authority to pui’chase the stock in another corporation and give the notes of the Watts Mercantile Company therefor. This ruling is so manifestly wrong, that it need only to be stated to this court to be determined. The Watts…
1Opinion of the Court
Calhoon, T.,
delivered the opinion of the court.
Buchanan brought this suit against the Watts Mercantile Company on a promissory note for $200; the note itself reciting that it was “for his entire interest in the Alberta Hoop- Company.” This note was given before the Code of 1906 took effect. The note was signed, “Watts Mercantile Company, per S. Q. Donald.”, Two defenses are set up — the one being that S. Q. Donald had not been authorized by the Watts Mercantile Company to make this purchase, and the other that the whole transaction was ultra vires, in that it involved a purchase by the Watts…
2Cases cited2 opinions
- Fairly v. NashMississippi Supreme Court · 1892
- Woodberry v. McClurgMississippi Supreme Court · 1901
3Cited by8 opinions
- Home Owners' Loan Corp. v. MooreMississippi Supreme Court · 1939
- Tallahatchie Drainage Dist. No. 1 v. Yocona-Tallahatchie Drainage Dist. No. 1Mississippi Supreme Court · 1927
- Burnett's Lumber & Supply Co. v. Commercial Credit Corp.Mississippi Supreme Court · 1951
- Olson v. Warroad Mercantile Co.Supreme Court of Minnesota · 1917
- Pendleton v. WilliamsMississippi Supreme Court · 1967
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