Guarantee Trust & Safe Deposit Co. v. E. C. Drew Investment Co.

Citations

• 107 La. 251

Syllabus

<p>Syllabus.</p> <p>1. A purchser of standing timber, whose good faith Is otherwise established, will not be held to have been in bad faith' simply because the records showed that the seller did not have title to the land.</p> <p>2. In order to be in good faith, a purchaser of timber is not obliged to investigate the authority of the firm he deals with, where such firm is reputable and is engaged in the business of buying and selling lands and timber both • for itsélf and for others.</p> <p>3. A firm is liable for the tort of one of its members committed in the course of the partnership business and whereof the firm has had the benefit.</p> <p>4. The Individual members of a firm are liable for the tort of one of the members of the firm, although they had no knowledge thereof, where such tort was committed in the course of the partnership business and for the benefit of the partnership.</p> <p>5. Where a partnership advisedly sells the timber of a third person to an innocent purchaser, who cuts down the timber and takes it to market and sells it, both the partnership and the purchaser are trespassers, and are solidarily liable in damages to the owner of the timber; but in fixing the amount of damages decreed to be paid by the parties, a different basis will be adopted; as to the innocent purchaser, the basis will be the value of the timber at the stump; as to the firm, held as a trespasser In bad faith, the basis will be the value of the timber after reaching market.</p>