Old Colony Zinc & Smelting Co. v. Carrick

Citations

• 153 F. 173
• 82 C.C.A. 347
• 1907 U.S. App. LEXIS 4398

Syllabus

<p>Vendor and Purchaser — Rescission as Saue — Kbaud—Time.</p> <p>Complainant, having purchased a lead and zinc mine in July, 1902, discovered in April, 1903, that its agent had been corrupted by the vendors, and that complainant had been induced to pay $7,000 more for the mine than the owners deemed it worth. With this knowledge, complainant brought suit to recover the amount alleged to have been wrongfully paid to its agent and made a claim against the vendors for the overpayment, but no notice of rescission for fraud was given to the vendors until August, 1904. and suit was not brought for such relief until September of that yeai', during which time complainant treated the mine as its own and operated the same changing the status of the parties and condition of the property in such a manner as to disclose a purpose to waive the fraud and affirm the sale. Held, that complainant was not entitled to a decree for rescission.</p> <p>I Ed. Note. — For cases in point, see Cent. Dig. vol. 48, Vendor and Purchaser, § 213.]</p>