Foster v. Ambler

Citations

• 24 Fla. 519

Syllabus

<p>1. In a case where the bill seeks an account on alleged liability of the defendant, and the court gives a decree for the plaintiffs, with directions to the master appointed to take the account, which are unsatisfactory to the plaintiffs, and from which they take an appeal, this court will consider the whole case, and reverse the decree against the defendant, if found to be erroneous in charging him with any liability.</p> <p>2. Where the sworn answer to a bill denies the allegations essential to sustain the case of the plaintiffs, the plaintiffs will fail if they do not overcome the answer by the evidence of two witnesses, or of one witness and sufficient corroborating circumstances. This case for the plaintiffs is founded'on an alleged trust accepted by the defendant on a transfer of their stock in the Jacksonville and St. Augustine Railroad Company to him, which trust he denies in his sworn answer, claiming that the transfer was under an absolute sale of the stock to him, and the denial of the answer not being overcome, in the opinion of this court, by the evidence required : Held, that the decree charging the defendant with liability under the alleged trust is erroneous.</p> <p>3. Authority to third parties to transfer stock, expressing that it was given on receipt of full consideration, if coupled with a secret trust, does not carry the trust to the party to whom they sell and transfer the stock, unless knowledge of such trust is brought home to him. The breach of trust, if any, is in such case chargeable to the parties having authority to transfer.</p> <p>4. When stock is offered for sale to an officer of a company, by one holding written authority of the character above indicated, there is no rule of law which requires him to enquire the purpose of the sale. He would only be put upon enquiry when he has knowledge of such facts as would lead an honest man, using ordinary caution, to make further enquiries, and be taken to have notice of facts about which enq