Cole v. Baker

Citations

• 16 S.D. 1
• 91 N.W. 324
• 1902 S.D. LEXIS 70

Syllabus

<p>1. Limitations do not begin to run against the claim of a principal, for money or property received by his agent as such, until there has been an accounting or a demand therefor, and a refusal by the agent.</p> <p>2. Where an agent for the sale of securities tenders them, with his principal’s consent, for town lots, but without such consent, takes the deeds in the name of a third party, the agency will not be terminated, so as to set limitations running against the principal’s claim for the value of the securities, until he has received a deed to the lots from such third party.</p> <p>3. Where an agent, in trading for certain lots for his principal, took deeds thereto in the name of a third person, without the principal’s consent, the mere receipt and retention of such deeds and the abstracts of title to the lots was not such a receipt and retention of benefits as would constitute a ratification of the transaction.</p>