Oregon & W. Mortg. Sav. Bank v. American Mortg. Co.

Citations

• 35 F. 22
• 13 Sawy. 260
• 1888 U.S. App. LEXIS 2397

Syllabus

<p>1. Principal and Agent—Revocation—Power Coupled with an Interest.</p> <p>An agency or authority, coupled with an interest in the subject-matter thereof, may be revoked by the principal in pursuance of a stipulation or reservation to that effect in the instrument constituting the agency or authority. 8. Same.</p> <p>An agency to loan the principal’s money in his name, and collect the interest thereon, in consideration of an annual commission on the existing amount of such loans, to be retained by the agent out of the annual interest thereon when collected by him, is not an agency coupled with an interest in the subject-matter thereof, and may be revoked by the principal at his pleasure.</p> <p>3. Arbitration and Award—Submission—Revocation.</p> <p>A submission to arbitration, where the same is not made a rule of court, or otherwise regulated by statute, may be revoked by either party thereto, at any time before an award is made, and the remedy of the adverse party, if he is damaged thereby, is by an action on the agreement to submit.</p> <p>(Syllabus by the Court.)</p>