Underwriter

“ The public101 sees in the underwriter not so much one who insures that the loan shall be subscribed in return for its commission as a middleman, who, as it were, has an opportunity of obtaining stock at a lower price than the public in order that he may pass it off at a profit subsequently. ”

“ The 'premium,' as defined by the early writers, 'is a sum of money paid by the assured to the underwriters, in consideration of his taking upon himself a risk the risk of having to indemnify the assured from any loss that may be sustained by an exposure to the perils of the sea, and to fire upon land, or the event of death.' Lord Mansfield says: 'The underwriter receives a premium for running the risk of indemnifying the assured.'
Tyne v. ”

“ If the underwriting business of a firm is substantial, the firm is engaged in the underwriting business in a primary way though by any quantitative test underwriting may not be its chief or principal activity. ”

“ One part of it furnishes a Man of Business to dispatch his Affairs strangely; for if he be a Merchant, he shall write his Letters with one Hand, and Copy them with the other; if he is posting his Books, he shall post the Debtor side with one Hand, and the Creditor with the other; if he be a Lawyer, he draws his Drafts with one Hand, and Ingrosses them with the other. ”

“ A bailee, a carrier of goods, a consignee who has authority to sell them, a factor, pledgee, warehouseman, an assignee for the benefit of creditors, an executor or administrator, an attachment creditor, but not a general creditor, a landlord, tenant, mortgagee of real or personal property, a lienor, for example, the holder of a mechanic's lien, a receiver, residuary legatee or devisee, a trustee, vendees and vendors of real and personal property, the owner of stock in a corporation, any agent who has the care and management of his principal's property, besides many others. ”

“ It is another general proposition, in respect to the relation between principal and agent, that a request to undertake an agency or employment, the proper execution of which does or may involve the loss or expenditure of money on the part of the agent, operates as an implied request on the part of the principal, not only to incur such expenditure, but also as a promise to repay it. ”

“ Question—What does the firm owe the agent, or the agent owe the firm?
The Agent’s Statement Being—
This puzzle first appeared in “How to Become Quick at Figures,” the answer being withheld. It is a record of transactions that actually occurred in America, which were the subject of litigation. Although we received thousands of replies, not more than 5 per cent. were correct. It is a question that individuals not conversant with book-keeping would be as likely to solve correctly as the expert. ”

“ As assignee the trust company takes possession of the property assigned for the purpose of carrying out the terms of the deed of assignment in the interest both of the assignor and the creditors of the assignor. The deed of assignment is an acknowledgment of an embarrassed or insolvent condition, and the efforts of the assignee are directed to realizing as much as possible from the assets intrusted to its management. ”

“ Creditors are not slow when they see misfortune fall upon one, whom they were ready to bow to yesterday, to tread upon him to-day. Creditors and their ministers,—the judges, attorneys, sheriffs,—are all ready for a share of the pound of the broken merchant's flesh. ”

“ I myself have heard very famous lawyers make sorry work of a cause between the merchant and his factor; and when they come to argue about exchanges, discounts, protests, demurrages, charter-parties, freights, port-charges, assurances, barratries, bottomries, accounts current, accounts in commission, and accounts in company, and the like, the solicitor has not been able to draw a brief, nor the counsel to understand it. ”

“ Section 3 provides that the court shall consider the proofs offered by the assignee or receiver, or by any creditor or stockholder who may appear in person or by attorney as to the probable indebtedness of the corporation and the expenses of the assignment or receivership and the probable amount of assets available for the payment of such indebtedness and expenses; also as to what parties are or may be liable as stockholders, and the nature and extent of such liability. ”

“ And be it further enacted, That the said corporations are, respectively, empowered to employ an agent, or agents, for the purpose of obtaining subscriptions to the loan or loans authorized by this act, or of selling from time to time, the certificates of stock which may be created in pursuance thereof, and to fix the compensation of such agent or agents, which they shall respectively pay, as well as all other expenses attending the said loans, out of the proceeds thereof, or of any other funds which they may respectively provide. ”

“ Justice Story, 'of a composition or trust deed, in cases of insolvency, usually is that the property of the debtor shall be assigned to trustees, and shall be collected and distributed by them among the creditors, according to the order and terms prescribed in the deed itself; and, in consideration of the assignment, the creditors, who become parties, generally agree to release all their debts beyond what the funds will satisfy.' 1 Story, Eq. ”

“ Like the case of one who, having given his receipt in full, but without value, to a debtor, in order that he might settle with a third person, is turned upon by the debtor, and told that his debt is paid, and here is the receipt for it. ”

“ The name of the issuing house and the amount of the underwriting commission —which we will suppose in this case to be 2 per cent.—is enough for them. They know that if they refuse any chance of underwriting that is offered, they are not likely to get a chance when the next loan comes out, and since underwriting is a profitable business for those who can afford to run its risks, many firms put their names down for anything that is put before them, as long as they have confidence in the firm that is handling the loan. ”

“ Justice Story show that the receiving a note as security for a debt, or forbearance to sue a present claim or debt, or an exchange of securities, or becoming a surety, or doing any other act at the request or for the benefit of the maker or indorser, will constitute a sufficient consideration for note as well as the payment of money, or the making of advances, or giving credit, or the discharge of a present debt, or the performance of work or labor at the request of the party. ”

“ Thus, an order or promise to deliver a certain sum of money to A, or to be accountable or responsible to A, for a certain sum of money, or that A shall receive it from the maker, is a good promissory note; so a receipt for money to be returned when called for, or an acknowledgment, due to A a certain sum of money payable on demand; or a promise to pay or cause to be paid to A a certain sum of money; or an instrument acknowledging the receipt of money of A, promising to pay it on demand with interest ”

“ They include detailed findings with respect to the services rendered by appellant and its rates, the used and useful character of appellant's property, the valuation of used and useful land, the value of appellant's structures on the basis of cost of reproduction new less depreciation, working capital, going concern value, fair value on the basis of the facts found, fair rate of return, reasonable operating expenses (including repairs, depreciation and taxes) , necessary revenue, and volume of business. ”

“ Dunn, who had attended to my uncle’s law business for years, had recognized the desirability of his client making a new will under the changed conditions brought about by the reception into his family of a second nephew of whose claims upon a certain portion of his property he must wish to make some acknowledgment, received the detailed instructions sent him, with no surprise and followed them out to the letter, bringing the document with him for signature on the day and at the hour designated in the notes he had received from his client. ”

“ The terms pay, satisfy, settle, or secure, are equipollent words, when used to express the fulfilment by Long of his liability upon the judgment, and in a similar sense must be understood the terms receipt and statement, when used to describe a written acknowledgment of payment by a party making or signing such acknowledgment. ”

“ And the answer was never received from Haralal, where he wanted to go.
WORDS TO BE STUDIED broker. This word meant originally a "broacher," one who broached or made a hole in casks of wine to test their value for sale. Then it came to mean a middleman in a sale.
attorney. This word comes from the Old French "tourner" meaning to turn. The original sense of the word is "one who turns or transfers (property) ," and thus it comes to mean one who is appointed to do legal business in the name of another. Compare the phrase "power of attorney." ”

“ RIGHT OF PRINCIPAL TO ACCOUNTING.—Thirdly, the principal has a right in financial dealings with his agent, or in regard to financial dealings of the agent with third persons, to demand an account from his agent. It is not enough that the agent actually expend money intrusted to him correctly ”

“ The assignment of the beneficial interest is not the assignment of a chose in action but of the 'right, title, and estate in and to property.' Brown v. Fletcher, supra; Senior v. Braden, supra. See Bogert, Trusts and Trustees, vol. ”

“ The place of business is the domicil of the firm, and it is their duty to have suitable persons there to receive and answer all demands of business made at that place.' Going with a promissory note, to demand payment, to the place of business of the notary, in business hours, and finding it shut, is using due diligence. ”

“ We have a letter from a man who, like you, read our advertisement and sent for more information, including a copy of our contract, and he wrote as follows:
"I don't like the forfeiture clause in your contract. Under it, if a man paid you $950, and then lost his job and couldn't pay any more, you would have the right to gobble up all of his money and keep the lots too. ”

“ The Showing of Proprietorship.—The chief difference, from an accounting viewpoint, between the corporate form and other forms of business organization is in the showing of proprietorship. Vested proprietorship in a sole owner or partnership business is carried under the title of the different owners’ capital accounts, and credit is extended by the public to such owners, not on the basis of what the particular business is worth, but on the reputation of the owners and what they are known to be worth outside the business as well as in the business. ”

“ In everything, you must take care that the said treasurer records in his book and in that of said accountant, stating what is delivered to him, and the results of the bartering, it being entered in his book and in that of the said accountant—every one being present at the entries in said books, in order that each division of said entries may correspond with that of the other book, no more in one book than in the other. ”

“ It is pretty generally known among the performers that I have a creditor's lien on the business. I wish you would oblige me by announcing to your friends that I have taken over a third interest in the show in lieu of certain notes and mortgages. ”

“ Gent.:-In consideration of Messrs. J. and A. Lawrence having a credit with you house, and in further consideration of one dollar paid me by yourselves, receipt of which I hereby acknowledge, I engage to you that they shall fulfil the engagements they have made and shall make with you, for meeting and reimbursing the payments which you may assume under such credit at their request: together with your charges, and I guaranty you from all payments and damages by reason of their default. ”

“ Provided always, and it is my will and intention, that my executors, until the said charter, and afterward the corporation, to be hereby incorporated, shall out of the yearly profits of the said lands when purchased, and out of the yearly income of my said fortune devised to my executors as aforesaid, until such purchase be made, have power to reimburse themselves for all such sums of their own money, as they shall necessarily expend in the execution of this trust. ”

“ Outside operators having capital, experience, and knowledge of the general conditions of business. Testimony is clear as to the result which, in the long run, attends their operations; commissions and interest charges constitute a factor always working against them. ”

“ The question, therefore, is narrowed to the entries on the books, and as to these again as suggested by the District Judge, it is to be remembered that credits and the value of business paper or securities are variable. Many of those said to be overvalued were for short terms. ”

“ The remedy of the purchaser is, to go into equity and call for an account, and thus entitle himself to the interest of the judgment debtor, if any, after the settlement of the partnership liabilities. ”

“ If he becomes responsible for the payment of the principal's debts generally, or lends his credit to a proposed purchaser of goods, he knows the amount of his liability, and the means of his principal to meet them. ”

“ May not the term interest, contained in that enumeration, considered in its relative collocation to the terms rents and profits, be understood as equivalent with the word estate, especially when the terms rents and profits may be correctly taken to cover interest understood as mere revenue, and still more especially when we keep in view the previous purpose set forth in the deed,-that of settling on the feme, and subjecting to her disposition by deed or will, the whole of her estate, real and personal? ”