Jensen v. Bowles

Citations

• 8 S.D. 570
• 67 N.W. 627
• 1896 S.D. LEXIS 84

Syllabus

<p>1. Where the issues were whether defendants had sold a stock of goods, and the amount and nature of the consideration, and the court admitted a hill of sale by defendants simply to show the transfer, the error, if any, in excluding the bill as evidence of consideration, was cured by the subsequent admission of oral evidence showing the amount and nature of such consideration.</p> <p>2. Plaintiff delivered to defendants a stock of goods, mortgaged to them for $3,000, to enable defendants more readily to procure payment of said sum, “with the privilege to sell and dispose of the same, and out of the proceeds of said property, after deducting the sum of $3,000, owing as aforesaid, to return and deliver to plaintiff the surplus of such sale of such property.” Defendants exchanged the goods for a farm and p'er-sonal property of the value of $4,848, and within three or four daysafter-wards the purchaser and his partner traded them back to defendants. Held, that an action for the difference between $3,000 and $4,848 was premature before the property had been converted into money.</p> <p>3. The owner of a stock of goods, mortgaged for $3,000, agreed with the mortgagees that, to secure payment of said debt, and enable them more readily to procure its payment, such owner pledged and delivered the goods to the mortgagees, to hold in trust, and not otherwise, “with privilege to sell and dispose of the same, and out of the proceeds of said property, after deducting the sum of $3,000 so owing, as aforesaid, to return and deliver to the ‘owner’ the surplus of such sale of such property.” Held, that there was a transfer of title to, and not a mere pledge of, the goods to the mortgagees.</p>