Home/Wisconsin Supreme Court/Balliet v. Wollersheim

Balliet v. Wollersheim

6 N.W.2d 824, 241 Wis. 536, 1942 Wisc. LEXIS 261
CourtWisconsin Supreme Court
DecidedNovember 10, 1942
StatusPublished
Cited by2 cases

This text of 6 N.W.2d 824 (Balliet v. Wollersheim) is published on Counsel Stack Legal Research, covering Wisconsin Supreme Court primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook
Balliet v. Wollersheim, 6 N.W.2d 824, 241 Wis. 536, 1942 Wisc. LEXIS 261 (Wis. 1942).

Opinion

*538 WÍCKHEM, J.

The defenses in this case were, (1) alteration of the instrument; and (2) fraud in its procurement. The second defense was disposed of by the jury’s findings adversely to defendant and is.not involved upon this appeal.

The facts are as follows : On May 5, 1939, Louis Lohmann owned a half interest in an oil and gas lease of premises in Clay county, Tennessee. He had paid $250 for this half interest. The gas lease was not registered as a security with the department of securities, state of Wisconsin, nor had any application for registration been made therefor. In April, 1939, Lohmann approached Wollersheim and sought to sell him an interest in this gas lease. On May 5, 1939, he again called on Wollersheim and tried to sell him a one-sixth interest in the lease for $1,250. He showed Wollersheim a blueprint and pointed out thereon the location of four wells producing several hundred barrels a day within a distance of three hundred fifty feet to one thousand two hundred fifty feet from the premises covered by the lease. Wollersheim agreed to purchase a one-sixth interest for the sum of $1,250 making a down payment of $200, and executing the note in suit on a printed instalment form of the Appleton State Bank in the sum of $1,050, with interest at the rate of one per cent after maturity. Lohmann took the note to the Appleton State Bank which refused to take it without a substantial indorser. On June 13, 1939, plaintiff indorsed the note, Lohmann agreeing to pay Balliet $25 for such indorsement. The note was accepted for discount by the bank on June 13, 1939. Wollersheim made three payments of $100 each on the note after which he had become convinced that Lohmann had misrepresented the proximity of producing oil wells. Upon his default, Balliet was called upon by the Appleton State Bank on January 27, 1940, to pay the balance of the note. Upon payment he received an indorsement from the bank without recourse.

*539

Free access — add to your briefcase to read the full text and ask questions with AI

Related

SFC Acceptance Corp. v. Spain
207 So. 2d 364 (Supreme Court of Louisiana, 1968)
McLean v. Paddock
430 P.2d 392 (New Mexico Supreme Court, 1967)

Cite This Page — Counsel Stack

Bluebook (online)
6 N.W.2d 824, 241 Wis. 536, 1942 Wisc. LEXIS 261, Counsel Stack Legal Research, https://law.counselstack.com/opinion/balliet-v-wollersheim-wis-1942.