Larrabee v. Badger

Citations

• 45 Ill. 440

Syllabus

<p>1. Agent—liability of, to his principal. Where one person receives money from another, for the purpose of purchasing a certain number of shares of railroad stock, and purchases the stock with this money, in his own name, and afterward sells the stock and applies the proceeds to his own use, and upon demand to deliver the stock or refund the money, refuses so to do, it was at the option of the party furnishing the money to sue for a non-delivery, or for the money so advanced, and the relation between the parties is that of principal and agent.</p> <p>2. Damages—measure of—and herein of the distinction in cases. Where an action is brought on a contract to deliver chattels or stocks, the market value of the article at the time of delivery is the measure of damages. But, where the action is for money which had been advanced to a person as an agent, to be invested by him in a particular way, which investment he made, but in his own name, and afterward disposed of it, and appropriated the proceeds to his own use, and without authority, the measure of damages is the amount of money advanced with interest.</p>