103 Wis. 484 | Wis. | 1899
This is a case of hardship, because, whichever, way the judgment goes, a party innocent of any evil design must suffer. The theory of the complaint is that Volckmcmn sold to Peters an apparently valid note and mortgage, and warranted the amount due thereon, and that he had good title; and that, it being now shown that the supposed note and mortgage are worthless, Peters or his successors in interest may recover the consideration paid. If the plaintiffs are correct in the position that Volckmcmn sold the securities to Peters, there can be no question as to the conclusion, because, even in the absence of the express warranty contained in the assignment, there would be an implied warranty of genuineness. Giffert v. West, 33 Wis. 617. On the other hand, Volckmcmn?s claim is that he had no business transaction with Peters, but that Peters bought the securities of Rambusch, while he (Volalcmcmn) simply sent the securities to Rambusch upon the representation that they were to be paid, and supposed that the assignment was simply to be used as a means of perfecting a discharge of the mortgage by some person when it was paid. We think the plaintiffs’ theory of the true legal effect of the transaction must be held to be correct. While it is true that Volckmann had no personal dealings with Peters, and in fact was totally unac
We do not regard the fact that Rambusch forged an agreement purporting to extend the time of payment upon the note before sending it to Peters as of any moment. If our reasoning is correct, the fact still remains that Vololcmarm authorized Rambusch to negotiate and sell the note and
Error is assigned because of the exclusion of the letters written by Rambusch to Vololcmami prior to the' assignment, but, as the letters are all preserved and printed in the record, and we have considered the facts shown by them in our discussion of the case, and are still of the opinion that the verdict was rightly directed, it becomes unnecessary to-consider the question of their admissibility.
By the Court.— Judgment affirmed.