Wemhoff v. Investors Management Corp. of America

In early February 1974, appellant, Daniel M. Wemhoff, entered into an oral agreement with William Floria, president of IN-MANCO and sole proprietor of the Floria Agency. Under the agreement, appellant was to act as an agent for Floria Agency and sell Tax Sheltered Annuities (TSA) to teachers in the Montgomery County, Maryland Public School System. Appellant was to receive commissions on his annuity sales equal to a percentage of the amount paid by each customer into the fund. Since payments were made through a payroll deduction method, appellant’s commission payments would be staggered over…