Mœller v. McLagan

Citations

• 60 Ill. 317

Syllabus

<p>Sale of grain to be delivered at a future time — of keeping the margin good. A party residing at a distance from the city of Chicago, employed a commission merchant in that city to purchase for him a quantity of wheat, to be delivered at a subsequent day. He agreed to allow the commission merchant one-half of a cent per bushel as compensation for purchasing, and to advance ten cents per bushel as a margin, and to keep it good at that sum. It was also understood that when the grain should be delivered, the commission merchant was to pay for and store the same, holding it to secure his advances, which, with interest and storage, were to be paid when the wheat should be sold. The wheat was purchased, and the margin, as agreed upon, was paid to the commission merchant, and soon after, the price of wheat began to decline, of which the commission merchant advised the party for whom he had purchased, and asked for instructions in regard to the sale of the wheat. Subsequently, the latter was advised that the margin already deposited had been absorbed by the further decline in the market, and was requested to put up more margin, which he failed to do, and thereupon the commission merchant sold the wheat at a considerable loss: Hdd, the margin not being kept good, the commission merchant had the right to sell the grain upon the notice given.</p>