Phillips v. Holman
Texas Supreme Court
Appeal from Travis. Tried below before the Hon. A. W. Terrell. This suit was instituted by the appellant, Phillips, against the appellee, Holman, on the 27th day of March, 1857. The plaintiff alleged in his petition that, on or about the 18th of May, 1838, he and the defendant entered into a contract by which it was agreed that plaintiff “ should assign and transfer to said Holman seven shares of Galveston city stock, the original cost of which was $275 for each share.
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Appeal from Travis. Tried below before the Hon. A. W. Terrell. This suit was instituted by the appellant, Phillips, against the appellee, Holman, on the 27th day of March, 1857. The plaintiff alleged in his petition that, on or about the 18th of May, 1838, he and the defendant entered into a contract by which it was agreed that plaintiff “ should assign and transfer to said Holman seven shares of Galveston city stock, the original cost of which was $275 for each share. Said Holman agreed to use said shares of stock as in his judgment would make it most profitable or productive. On settlement…
1Opinion of the Court
Bell J.
The only questions which we deem it necessary to discuss in this case, arise upon the plea of the statute of limitan tions. We do not think that the contract between the parties created in Holman that kind of “technical and continuing trust” which cannot be affected by the statute of limitations. It is true, the contract did not contemplate any particular period of time within which it was to be performed; but it nevertheless implied that it should be performed within a reasonable time, and devolved upon Holman the obligation, after the lapse of a reasonable time to account to Phillips…
2Cases cited1 opinion
- Fisher v. Phelps, Dodge & Co.Texas Supreme Court · 1858
3Cited by23 opinions
- Wise v. AndersonTexas Supreme Court · 1962
- Bacon v. RivesSupreme Court of the United States · 1882
- Western Coal & Mining Co. v. HilvertArizona Supreme Court · 1945
- Anthes v. AnthesIdaho Supreme Court · 1912
- Ray v. O'NEALCourt of Appeals of Texas · 1996
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