Morrison Waite

Name: Brown v. Slee — Opinion of the Court
Author: Morrison Waite

Summary

“Brown v. Slee — Opinion of the Court”, is a work by Morrison Waite. It explores elements such as executors, Langdon and Brown.

Quotes from Brown v. Slee — Opinion of the Court (Morrison Waite)

Morrison Waite, Brown v. Slee — Opinion of the Court

“ The acceptance of the transfer of the Baldwin debt was a firm transaction, and the guaranty of Langdon grew out of that transaction. If the debt should not in the end be paid, the balance might be charged back to Langdon when the affairs of the partnership were closed up, and his interest in the good assets would be diminished to the extent of such a charge. The firm, as a firm, could not sue him on his guaranty. All that could be done would be to take his liability into account when settlements and divisions were made between the partners. ”

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Source: Wikisource

Morrison Waite, Brown v. Slee — Opinion of the Court

“ The only question, therefore, is whether, under the contract between Brown and the executors, that obligation was assumed by Brown, or, in effect, discharged. Brown took the assignment of the estate's interest in the firm property, subject, among other things, to all possible liabilities of Langdon for the transactions of the firm, and he agreed to indemnify the estate against all liability growing out of such transactions. ”

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Source: Wikisource

Morrison Waite, Brown v. Slee — Opinion of the Court

“ Brown could not demand a deed until he tendered the money, and the executors could not require the money until they had offered a deed. Neither party offered to perform on the day, and, therefore, one was as much in default as the other. Such being the case, either party, after relieving himself from his own default by performance or an offer to perform, could require the other to perform within a reasonable time. Neither could insist that the other had lost his rights under the contract until he had himself done what he was bound to do. ”

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Source: Wikisource

Morrison Waite, Brown v. Slee — Opinion of the Court

“ So when Langdon wrote Brown on the 30th of October, 1875, he said, 'The balance of twenty-five thousand dollars, less what has been paid on the Buena Vista County judgment, will be due April 25, 1876, and we shall desire the money at that time as per contract.' He thus treated what was to be paid as a debt which the executors desired to have met at maturity. ”

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Source: Wikisource

Morrison Waite, Brown v. Slee — Opinion of the Court

“ Baldwin became insolvent, and a part of his debt has never been paid. By way of defence to the original bill by the executors, Brown filed a cross-bill, in which he alleged in substance that when this account against Baldwin was transferred to the firm, Langdon individually guaranteed its payment in writing, and that in consequence he was permitted while in life to draw large sums from the partnership. ”

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Source: Wikisource

Morrison Waite, Brown v. Slee — Opinion of the Court

“ On the 3d of July, Brown took from Charles J. Langdon a lease of the Des Moines land for five years, and, for the use, agreed to pay the taxes and keep the premises in repair. Langdon, however, retained the right to sell the property, or any part of it, in which case the lease was to terminate, so far as it related to the property sold. ”

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Source: Wikisource

Morrison Waite, Brown v. Slee — Opinion of the Court

“ It was then averred 'that the guaranty of the said Langdon was always recognized and treated by him (Langdon) as an individual guaranty, made upon his own personal account, and not as any part of the firm's business, or as necessarily or properly connected therewith. ”

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Source: Wikisource

Morrison Waite, Brown v. Slee — Opinion of the Court

“ I shall not be able to pay you the money this year, and propose the following, which I trust will answer your purpose: 25th April, '77, $5,000.00 and a like sum on the 25th day of each April following, all unpaid sums to draw six per cent per annum from April 25, '76, the land to remain in your name until it is paid. ”

Morrison Waite

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