Duffy v. Scott

The defendant is a sole trader residing in Cleveland, Ohio, and conducts a branch business at Duluth, Minnesota, under the name of K. A. Scott & Company. Sidney Wick was his managing agent of the Duluth branch. Wick represented to the plaintiff Duffy that he needed $2,50.0 for Scott’s business. Duffy delivered $10,000 par value of bonds to Wick and signed a note with Wick on which Wick secured a loan from the First American National Bank of Duluth and put up the bonds as collateral. The bank sold the bonds and applied the proceeds on the note. Wick had absconded in the meantime, having…