by John Marshall Harlan

“ If an agent to sell effects a sale to himself, under the cover of the name of another person, he becomes, in respect to the property, a trustee for the principal, and at the election of the latter seasonably made, will be compelled to surrender it, or, if he has disposed of it to a bona fide purchaser, to account, not only for its real value, but for any profit realized by him on such resale. ”

“ Nothing then stood in the way either of O'Donohoe agreeing that Polk should take the property, or of Polk becoming a purchaser from him. If the sale to O'Donohoe was an actual sale, in good faith, so far as Polk had any agency in effecting it,-if the contract between the plaintiff and O'Donohoe had been so far executed, at the time Polk took O'Donohoe's place in the purchase, that it could not be rescinded by either party to it,-then Polk's agency in selling the property did not prevent him from purchasing from O'Donohoe ”

“ Under date of November 14, 1885, Polk, in the name of his firm, wrote to Robertson: 'A man here, by the name of O'Donohoe, says he will give $4,000 for that property,-$1,000 cash, balance in three equal annual payments, at 7 per cent., secured by mortgage on that, together with mortgage on other property, so that the security will be ample. Not long ago, he offered $4,000 cash; but times are dull here now, and he says the time-payment offer is the best he will do. ”