131 Iowa 696 | Iowa | 1906
C. O. Breed was a stock buyer, and J. It. Webb was his agent, who, upon commission, purchased hogs for shipment. After Webb purchased stock he furnished a statement to Breed,- and he (Breed) paid for the animals bought, and shipped them in his own name. At the time of the transaction in question Webb was indebted
Counsel for defendant contend that the proceeds from the sale of the hogs came ’into the possession of the bank as the property of Webb without notice that any other person had any claim or right thereto, and that it was legally justified in applying same upon Webb’s indebtedness to it. They rely upon Waters v. Bank, 65 Iowa, 234; School Dist. v. Bank, 102 Mass. 174, and other cases. In our opinion, these cases are not applicable to the facts now before us. Llere the hogs were to be and were the property of the plaintiffs. Without their knowledge or consent they were shipped in the name of Webb, he having no title thereto. The commission house, without direction from any one, but relying upon a previous custom, caused to be deposited in the Stock Yards Bank at St. Joseph, Mo., for the credit of defendant, the' proceeds of the hogs as coming from J. B. Webb. Upon the receipt of “advice” of'this deposit, defendant credited the amount thereof upon various notes which it held signed by Webb. Defendant received nothing but this advice from the St. Joseph bank, and it is manifest that the law merchant has nothing to do with the case. • Webb made no deposit with the defendant or with the St. Joseph bank, and he did not direct that returns should be made to defendant, or deposits made to its credit on his behalf. Neither of plaintiffs gave directions that the stock should be shipped in Webb’s name, or that Webb should have credit with the proceeds, nor did Webb direct the shipment in his name.
The sole question is, who is entitled to the proceeds of these hogs ? There are no equities in defendant’s favor, for it came into possession of the funds, or such possession as it had, solely through a mistake, and without any laches on plaintiffs’ part. If the hogs belonged to plaintiffs, they are, under this record, entitled to the proceeds thereof.
The action is at law, and; if there be any evidence to
The judgment of the district court seems to be correct, and it is affirmed.