Baker v. New York National Exchange Bank
New York Court of Appeals
Appeal from judgment of the General Term of the Supreme Court, in the first judicial department, entered upon an order made March 20,1883, which affirmed a judgment in favor of plaintiff, entered upon a verdict directed by the trial court. This action was brought by plaintiffs, composing the firm of Baker & Wilson, to recover the amount of a check drawn upon defendant by “ C. A. Wilson & Bro., agents.”
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Appeal from judgment of the General Term of the Supreme Court, in the first judicial department, entered upon an order made March 20,1883, which affirmed a judgment in favor of plaintiff, entered upon a verdict directed by the trial court. This action was brought by plaintiffs, composing the firm of Baker & Wilson, to recover the amount of a check drawn upon defendant by “ C. A. Wilson & Bro., agents.” The .drawers were commission merchants; they became insolvent in October, 1878, and, thereafter, to protect their principals, among whom were plaintiffs, opened a deposit account with defendant…
1Opinion of the CourtAndrews, J.
The relation between a commission agent for the sale of goods and his principal is fiduciary. The title to the goods until sold remains in the principal, and when sold, the proceeds, whether in the form of money, or notes, or other securities, belong to him, subject to the lien of the commission agent for advances and other charges. The agent holds the goods and the proceeds upon an implied trust to dispose of the goods according to the directions of the principal, and to account for, and pay over to him the proceeds from sales. The relation between the parties in respect to the proceeds of…
2Cases cited2 opinions
- Van Alen v. . American National BankNew York Court of Appeals · 1873
- Thompson v. PerkinsU.S. Circuit Court for the District of Massachusetts · 1823
3Cited by64 opinions
- Hudson v. Yonkers Fruit Co.New York Court of Appeals · 1932
- United Feature Syndicate, Inc. v. Miller Features Syndicate, Inc.District Court, S.D. New York · 2002
- Hewitt v. HayesMassachusetts Supreme Judicial Court · 1910
- Importers & Traders' National Bank v. PetersNew York Court of Appeals · 1890
- Allen v. St. Louis BankSupreme Court of the United States · 1887
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