26 Wend. 124 | N.Y. Sup. Ct. | 1841
After advisement, the following opinions were delivered:
Mr. Justice Bronson said, that according to his view of the case, the relation of mortgagor and mortgagee did not exist between Wilson and Taylor, and that, therefore, in his judgment, the law governing mortgages had no application; nor was there any fraud in the transaction. The only question is, who was the owner of the property, Wilson or Taylor 1 If he could protect the ap
The view that I have taken of this transaction is this: It was not a partnership, as was maintained, for there is no stipulated communion of profits between the parties; nor were they to participate on any partnership principle in loss, since Taylor was first to be indemnified for all his advances. It has none of the features of an agency. Wilson purchasing and carrying on the business, in his own name, and on his own account, for his own profit, aided merely by the credit advanced to him by Taylor. It is plainly a regular advance of credit by Taylor to Wilson, to be secured by Taylor’s having (as appears in proof) “ the exclusive control and disposition of all the beef and property purchased by Wilson, or obtained on his responsibility.” It was a contract that the ■ beef, &c„ thus purchased by means of Taylor’s credit,
The decree should be affirmed.
On the question being put, Shall this decree be reversed? all the members of the court present, who had heard the argument, answered in the negative. Whereupon the decree of the Chancellor was Affirmed.