Boswell & Rose v. Cunningham

Citations

• 32 Fla. 277

Syllabus

<p>PRINCIPAL AND AGENT — AGENT FOR PURCHASE .TAKING TITLE TO SELF HOLDS AS TRUSTEE FOR PRINCIPAL.</p> <p>1. Where the relation of principal and agent exists, the utmost good faith is exacted in all of the transactions of the agent toward his principal in all matters connected with the subject of the _ employment.</p> <p>'2. Where an agent is employed to make a purchase of land, the principal is entitled to all the skill, ability and industry of such agent to make the purchase on the best terms that can be had, and is entitled to the property at the price which the agent pays.</p> <p>•3. An agent is not permitted, without the assent of his principal, to acquire an interest in the subject-matter of the agency, adverse to his principal. During the continuation of the agency the agent can not put himself in a position adverse to that of his principal.</p> <p>4. Where the agent employed to purchase for his principal, purchases for himself, all the profits and advantages gained in the transaction belong to the principal, and the agent will be held to have taken the property as trustee for his principal. Such a trust comes within the exception provided for in the statute of frauds (section 2, page 214, McClellan’s Digest, Section 1951 Bevised Statutes), as it arises out of the construction and operation of law, and may be established by paro1.</p> <p>0. C. employed the firm of B. & R., copartners m the real estate^ business, as her agents to purchase for her a certain block of land. They effected the purchase at a certain price satisfactory to C., and obtained a deed to C. for the premises that was delivered to them in escrow by the vendor until the purchase money was paid. C. paid $100 of the purchase money and left, immediately for Ohio, with the knowledge of B. & R., for the purpose of there obtaining the balance of the purchase money, and on arriving there and securing the requisite funds, at once-notified B. & R. by telegram that the money was ready to be paid as soon