Wetmore v. Barrett

Citations

• 103 Cal. 246
• 37 P. 140
• 1894 Cal. LEXIS 758

Syllabus

<p>Purchases of Minino Stock on Margins—Recovery of Moneys Paid to Brokers.—An action will lie to recover back moneys paid to brokers in consideration of purchases of mining stock on margins; and where the brokers had printed the transactions and conditions upon which they were doing business, and required plaintiff’s agent to agree to them, which showed that the transactions upon which the money was-paid were purchases of stock on margins, the plaintiff is entitled to recover.</p> <p>Id.—Payment of Assessments Upon Stock—Rf.quest Not Implied— Void Security—Setoff.—Where there was no request by the plaintiff for the payment of assessments by the brokers upon the mining stock purchased on margins, the law will not imply a request to pay nor promise to repay; and the transaction being void, the brokers do not hold the stocks upon which the assessments were paid as security for their payment, and cannot set them off against the recovery of the moneys paid to the brokers.</p> <p>Id.—8'tatute of Limitations—Presumption Upon Appeal—Absence of Specifications.—Where the statement shows indebtedness arising more than two years before the action was commenced, and also shows that such indebtedness was based upon similar transactions to those after that period, it cannot be presumed upon appeal that any part of the moneys recovered were paid upon those transactions, where no specification as to the insufficiency of the evidence suggests such point.</p>