Burke Land & Livestock Co. v. Wells, Fargo & Co.

Citations

• 7 Idaho 42
• 60 P. 87
• 1900 Ida. LEXIS 15

Syllabus

<p>(Extension or Mortgage — Estoppel.—The respondent corporation purchased from appellants all of the property then belonging to the appellant (the B. L. & C. Co.), and agreed to pay therefor $74,-048.68, that being the sum then due from the last-named corporation to appellant, Wells, Fargo & Co., and agreed that said purchase price was secured by two certain mortgages, executed by appellant, Burke Land and Cattle Company to Wells, Fargo & Company, on said property, and accompanied by possession of such property. Held, that although said mortgages were not originally given to secure all of said purchase price, the respondent is estop-ped from denying the validity of said mortgages as to any part of said purchase price.</p> <p>Multiplicity op Suits. — The laws of this state prohibit the splitting of causes of action and a multiplicity of suits.</p> <p>Equity — Jurisdiction.—A court of equity having obtained jurisdiction of a cause of action, for any purpose, may retain it for all purposes, and may determine all the matters in issue.</p> <p>Construction op Contract. — In the construction of a written contract, if there is room for doubt as to its true meaning, the facts and circumstances out of which such contract arose should be considered, and the contract construed in the light of such circumstances.</p> <p>Strangers. — When a person is largely indebted, and thereafter organizes a corporation, and has all of its capital stock issued to himself, except one share each to four persons, given by him to qualify them as directors, and then transfers all of his property to such corporation, and thereafter such corporation assumes the indebtedness of its creator and owner, one, a stranger, and not a •c’-cditor, of such corporation, will not be heard/ to complain thereof.</p> <p>Principal and Agent. — When a contract is entered into by an agent, the principal cannot adopt part of the contract, and repudiate part, and enforce the part adopted.</p> <p>Ultra Vires. — The doctr