Dole v. Olmstead

Citations

• 41 Ill. 344

Syllabus

<p>1. Assignment — by commission merchants. Where commission merchants in failing circumstances made an assignment for the benefit of creditors, and there was a large amount of grain' on storage, the assignees take only the interest of the assignors. Having been informed by the assignor that the corn was on storage, and the assignees having agreed to deliver the corn to the several owners, when they should present their receipts, the assignees can have no pretense of a claim to any portion of such grain.</p> <p>2. Same — average loss by owners of grain on storage. Where in such a case, the grain when measured out, falls short when stored by the consent of the owners, in one common mass, the court should average the loss pro rata, among all of the owners. And when the assignees had sold the corn, each owner should be compensated in money in due proportion to the amount which he placed in store, and a decree against the assignees in favor of each owner for their several sums due them is proper.</p> <p>3. Warehousemen — their liability when they convert grain stored. When assignees become warehousemen, and convert grain in store with them, received of their assignors who were warehousemen, and appropriate the money to their own use, they are at least liable to account to the owners for the amount received, with interest from the date of the sale.</p>