Phipps v. Sharps

Citations

• 142 Pa. 597
• 21 A. 901
• 1891 Pa. LEXIS 781

Syllabus

<p>(a) Plaintiff bought corporate stock from defendant, in consideration whereof the latter guaranteed in writing that the plaintiff should “ not lose any money by Ms said investment,” tbe guaranty to be in force for two years.</p> <p>(6) After unavailing efforts to sell the stock, notice thereof, and demand made of defendant for a return of the money, the stock was sold at auction “for aocount of W. J. S., att’y”for plaintiff, and knocked down to “ W. J. S., att’y ” for a third person:</p> <p>1. The contract was a contract of indemnity, under which it was the duty of the defendant, at the end of the period provided, to pay to the plaintiff the amount of his loss, if any, on the investment made under it.</p> <p>2. When the plaintiff, in a suit to recover his loss, had proved that the stock had no market value, that he had made diligent but fruitless efforts to sell it, and had eventually sold it at public salé at a loss, it whs error to order a nonsuit.</p>