E. B. Smith & Co. v. Collins

Citations

• 165 F. 148
• 91 C.C.A. 182
• 1908 U.S. App. LEXIS 4731

Syllabus

<p>1. Principal and Agent (§ 152*) — Reorganization Committee of Bondholders — Time Limit Affixed to Signatures of Reorganization Agreement.</p> <p>Where, in signing, with others, an agreement depositing railway bonds with a reorganization committee pending foreclosure proceedings, certain bondholders affix a time limit after their signatures, a gale by the committee after that time was unauthorized and passed no title.</p> <p>[Ed. Note. — For other eases, see Principal and Agent, Dec. Dig. § 152.*]</p> <p>2. Principal and Agent (§ 170*) — Rights as to Third Persons — Ratiification by Acquiescence of Principal of Sale by Agent.</p> <p>. The failure of certain owners of bonds of a railroad company, who had placed the same in the hands of a reorganization committee with power to sell them for a limited time, to make any objection to a sale made by the committee after the expiration of such time, of which they were at once notified, until after the bonds had been used by the purchasers in a purchase of the property more than three months later, was a ratification of the sale by acquiescence.</p> <p>[Ed. Note. — For other eases, see Principal and Agent, Cent Dig. § 641 : Dec. Dig. § 170.*]</p>