Wyatt v. Jackson
Supreme Court of Minnesota
Appeal by defendant, William L. Jackson, from an order of tbe Municipal Court of the City of Duluth, Roger S. Powell, J., made July 27, 1892, refusing his motion for a new trial. The plaintiff, Grant Wyatt, sold defendant on March 15, 1892, twenty shares of stock in the Shaw Iron Company for $400, and took his note for the amount due thirty days thereafter with interest.
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Appeal by defendant, William L. Jackson, from an order of tbe Municipal Court of the City of Duluth, Roger S. Powell, J., made July 27, 1892, refusing his motion for a new trial. The plaintiff, Grant Wyatt, sold defendant on March 15, 1892, twenty shares of stock in the Shaw Iron Company for $400, and took his note for the amount due thirty days thereafter with interest. The stock was left with Wyatt and he gave Jackson a receipt stating that he held the stock as collateral security for the payment of the note. When the note fell due it was not paid and Wyatt sold the stock April 22, 1892, on…
1Opinion of the CourtGilnillan, C. J.
It is a matter of no importance in this case what the character of the transaction in respect to the stock was,— that it was an executory contract by plaintiff to transfer the stock to defendant, or a transfer by plaintiff to defendant, and a pledging or mortgaging by the latter to the former, — for, whatever its character, defendant acquired by it rights in respect to the stock which, upon performance of the contract on his part, he could enforce against plaintiff; and the vesting in him of such rights-was a sufficient consideration for the note he executed for the stock.
Order affirmed.
2Cited by3 opinions
- Veigel v. JohnsonSupreme Court of Minnesota · 1925
- Genevey v. EdwardsSupreme Court of Minnesota · 1893
- Little v. DyerSupreme Court of Minnesota · 1930