Telling v. Sullivan

Citations

• 22 Ohio C.C. Dec. 312

Syllabus

<p>PRINCIPAL AND AGENT — TRUST.</p> <p>1. Bank Official Gratuitously Engaging to Find Purchaser for-Customer’s Stock Becomes Agent Precluding His Purchase without Disclosing Fact.</p> <p>A bank official who gratuitously engages to find a purchaser for certain stock owned by a customer of the bank, thereby becomes the agent of said customer and cannot thereafter himself become the purchaser of said stock without full disclosure of that fact to his principal and the latter’s assent thereto.</p> <p>2. Four Years’ Lapse oe Time oe Discovery oe Fiduciary Relation not • Bar to Rescission oe Sale.</p> <p>Mere lapse of time, short of four years from the discovery hy the principal that the agent bought the stock for himself, will not bar an action in equity for the restoration of the stock, notwithstanding meanwhile it has greatly increased in value.</p> <p>[Syllabus by the court.]</p>