Hotchkin v. Third National Bank of Syracuse
Massachusetts Supreme Judicial Court
Contract, by a stockbroker of Boston against the Third National Bank of Syracuse in the State of New York, for the breach of an alleged contract to sell and deliver to the plaintiff one hundred shares of the common stock of the Syracuse Rapid Transit Company at $58 a share.
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Contract, by a stockbroker of Boston against the Third National Bank of Syracuse in the State of New York, for the breach of an alleged contract to sell and deliver to the plaintiff one hundred shares of the common stock of the Syracuse Rapid Transit Company at $58 a share. Writ dated October 13, 1911. The answer, as amended, in addition to a general denial, set up the defense that the contract was void for the reason that it was beyond the corporate powers of the defendant to make such a contract. It also set up the defense of the statute of frauds and St. 1908, c. 237, § 4. In the Superior…
1Opinion of the CourtBraley, J.
The jury specially found that the defendant contracted to sell and deliver one hundred shares of the capital stock of the Syracuse Rapid Transit Company. It having failed to perform the contract, the plaintiff contends that he is entitled to damages for the breach. It appears from the record to have been uncontroverted that at the time of the negotiations the defendant did not have any of the stock but it was acting for a "client,” who owned the shares. The letter of the cashier, on which the plaintiff relies as an acceptance in writing of the offer to purchase, recites that the sale “was…
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