Leahy v. Lobdell, Farwell & Co.
Court of Appeals for the Sixth Circuit
In Error to the Circuit Court of the United States for the Western District of Michigan. Lobdell, Farwell & Co., of Chicago, who were plaintiffs in the court below, brought this suit against the defendant, Leahy, a resident of Muskegon, Mich., for the purpose of recovering a balance alleged to be due them on account of certain dealings in stocks and bonds.
Read the full summary
In Error to the Circuit Court of the United States for the Western District of Michigan. Lobdell, Farwell & Co., of Chicago, who were plaintiffs in the court below, brought this suit against the defendant, Leahy, a resident of Muskegon, Mich., for the purpose of recovering a balance alleged to be due them on account of certain dealings in stocks and bonds. In 1S93, and for several years previous thereto, Lobdell, Farwell & Co. were engaged in the business of buying and selling stocks and bonds as brokers for other parties, and also in buying and selling stocks and bonds on their own account.…
1Opinion of the CourtSeverens, District Judge
It seems clear that the result of the purchase of the Metropolitan Company bonds and stock and the Construction Company stock by Leahy on January 26, 1893, of Lobdell, Farwell & Co., though accompanied by a credit for a part of the price, with an agreement to carry the bonds and stock during the time for which such credit was given, was to pass the title to the bonds and stock to the purchaser, subject, however, to a lien of the vendor for the unpaid purchase price. This lien, however, would be suspended during the time for which the credit was given, and would not attach if the vendor should…
2Cases cited7 opinions
- Pollen v. . Le RoyNew York Court of Appeals · 1864
- McElwee v. Metropolitan Lumber Co.Court of Appeals for the Sixth Circuit · 1895
- Holland v. ReaMichigan Supreme Court · 1882
- Owens v. WeedmanIllinois Supreme Court · 1876
- Redmond v. SmockIndiana Supreme Court · 1867
2 more not listed; retrieve them via the Exa API.
3Cited by2 opinions
- Hammon v. PaineCourt of Appeals for the First Circuit · 1932
- Clapp v. Associated Depositors, Inc.District Court, N.D. Ohio · 1940