Paton v. Clark

Citations

• 156 Pa. 49
• 27 A. 116
• 1893 Pa. LEXIS 1310

Syllabus

<p>Equity jurisdiction — Accounts—Breach of contract — Assumpsit.</p> <p>Equity will not assume jurisdiction over a claim which in effect is merely for damages for breach of contract, nor over a cause in which the accounts are all on one side, and no discovery is sought.</p> <p>Defendants were agents of a syndicate, which loaned to a railroad company a large sum of money. Plaintiff contributed one eighteenth thereof. The securities for the loan were deposited with defendants, and consisted of a note of the president of the company, and certain bonds of the railroad company as collateral to it. Shortly after the loan had matured, all the members of the syndicate except the plaintiff, at a meeting of which plaintiff had notice, agreed to extend the time for payment of the loan. Defendants accordingly did not proceed to collect the notes, and the fund was finally lost. Held, (1) that a bill in equity would not lie to compel defendants to pay to plaintiff his share of the loan, or damages for its loss; and (2) that assumpsit was the proper remedy</p>