120 Iowa 1 | Iowa | 1903
-One Millspaugh owned the machinery, tools, fixtures, and wagons used in operating a laundry in Sioux City, and in 1898 sold the same to E. II. Mann, from whom he took a note for $4,000 of the purchase price, secured by a chattel mortgage on the property. These papers were assigned to the defendant. Mann does not appear to'liave been successful in the venture, and in November of the same year surrendered the plant to Millspaugh. Thereupon the plaintiff company was organized, with a nominal capital stock of $4,500, divided into shares of $100 each, though but three were issued, for which no money was paid. Without caputal or property, it took possession, under an arrangement with Millspaugh, not disclosed,
Some difficulty has been experienced in determining precisely what ‘‘good will” really is. Lord Eldon thought it “no more than the probability that the old customers
It is to be-observed that good will, though often con-. nected with the premises on which the business or trade is conducted, is not necessarily so. See England v. Downs,
The name, too, of an established enterprise, is regarded as of importance, and the right to its exclusive use generally recognized. The Iowa Seed Co. v. Dorr, 70
There is left, then, merely the probability that the customers might continue their patronage. Was this