Milner v. Pelham
Idaho Supreme Court
APPEAL from the District Court of the Eighth Judicial District, for Kootenai County. Hón. R. N. Dunn, Judge. Action to recover for money had and received. Directed verdict for plaintiff. There is no implied warranty on the part of one who sells county warrants or other securities that the same are valid or were issued by proper legislative authority.
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APPEAL from the District Court of the Eighth Judicial District, for Kootenai County. Hón. R. N. Dunn, Judge. Action to recover for money had and received. Directed verdict for plaintiff. There is no implied warranty on the part of one who sells county warrants or other securities that the same are valid or were issued by proper legislative authority. The doctrine of caveat emptor applies. ‘ ‘ There is an implied warranty of genuineness on a sale of notes, bonds, or other securities. There is, however, no implied warranty that municipal officers who issued the securities sold have lawful…
1Opinion of the CourtBudge, C. J.
Respondent brought this action against appellant to recover the sum of $704, which he had theretofore paid appellant for four Kootenai county warrants, drawn on the current expense fund of said county. The $700 represented the face value of the warrants and the $4 the accrued interest.
Respondent alleged in his complaint that he had received the warrants in good faith, and thought that they were valid *596and could and would be paid out of the current funds of Kootenai county, but when he had received the warrants, as aforesaid, an action was commenced in the district court in and for Kootenai…
2Cases cited12 opinions
- Otis v. Cullum, ReceiverSupreme Court of the United States · 1876
- Meyer v. RichardsSupreme Court of the United States · 1896
- Gregory v. J. P. Clabrough's ExecutorsCalifornia Supreme Court · 1900
- Kreutz v. LivingstonCalifornia Supreme Court · 1860
- Martin v. HuttonNebraska Supreme Court · 1911
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3Cited by5 opinions
- Libby v. PelhamIdaho Supreme Court · 1917
- First Bank of Homedale v. A. W. McNallyIdaho Supreme Court · 1926
- Rohn v. GilmoreIdaho Supreme Court · 1923
- E. A. Martin MacHinery Co. v. First National BankSupreme Court of Arkansas · 1942
- Libby v. PelhamIdaho Supreme Court · 1917