Jenson v. Toltec Ranch Co.

Citations

• 174 F. 86
• 98 C.C.A. 60
• 1909 U.S. App. LEXIS 5152

Syllabus

<p>1. CORPORATIONS (§ 399*) — PRINCIPAL AND ACENT — PRINCIPAL BOUND BY APPARENT Authority with Which It Clothes Its Officer or Agent.</p> <p>A corporation, like an individual, is bound to innocent third persons by the apparent authority with which it clothes its officer within the scope of his authority, and within the powers of the corporation to the same extent as by the actual power it confers upon him.</p> <p>[Ed. Note. — For other cases, see Corporations, Cent. Dig. §§ 1588, 1602-1GÍ0; Dec. Dig. § 399.*]</p> <p>2. Corporations (§ 425*) — Corporation Bound by Long Acquiescence in Like Acts op Oppicers or Agents.</p> <p>Where, without' challenge by the other officers or by the stockholders of the corporation, an officer has exercised a power within the general scope of his actual authority and within the powers of the corporation to do certain acts in its name and on its behalf for such a length of time as to justify others in believing that his acts and management were within his lawful powers and approved by the corporation, the stockholders and the corporation are alike estopped from denying, to the prejudice or injury of parties who have acted in reliance upon his apparent authority, that he had actual authority to do similar acts in its behalf.</p> <p>[Ed. Note. — For' other eases, see Corporations, Cent. Dig. § 1700; Dee. Dig. § 425.*] •</p> <p>3. Corporations (§ 425*) — Principal and Agent — Estoppel to Deny Op-picer’s Authority. •</p> <p>An-officer of a corporation, who was empowered to sell and convey its land without the signature of any other officer, in its name bought and sold land, borrowed money, and secured its repayment by the pledge of its personal property and a land contract, and conducted all the business of the corporation. for six years without protest or objection. He then ’ borrowed money of -a bank and secured its repayment by the conveyance of some of the land of the corporation.</p> <p>Sold, the corporation and its officers and stockho