Hancock v. Luke

148 P. 452, 46 Utah 26, 1915 Utah LEXIS 3
CourtUtah Supreme Court
DecidedMarch 9, 1915
DocketNo. 2665
StatusPublished
Cited by20 cases

This text of 148 P. 452 (Hancock v. Luke) is published on Counsel Stack Legal Research, covering Utah Supreme Court primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook
Hancock v. Luke, 148 P. 452, 46 Utah 26, 1915 Utah LEXIS 3 (Utah 1915).

Opinions

FRICK, J.

This is an appeal from a judgment on the pleadings. The plaintiff, an attorney at law, commenced this action in the district court of Salt Lake County on March 29, 1913, to rescind a contract entered into by him with the defendants in December, 1908. The plaintiff alleges in his complaint:

“ (1) That heretofore, to wit, on or about the 12th day of December, 1908, at Salt Lake City, Utah, plaintiff and defendants entered into a contract in writing, by the terms of which defendants agreed to sell to plaintiff, and plaintiff agreed to purchase from defendants, five shares of the capital stock of the Merchants’ Protective Association, a corporation under the laws of Utah, for the sum of $2,500, and that a certificate or writing, purporting to be certificate No. 33 of said the Merchants’ Protective Association, for said five shares of stock, was thereupon delivered to plaintiff; and plaintiff thereafter paid defendants the said sum of $2,500.

“ (2) That in and by the terms of said contract it was further agreed that plaintiff should be employed for an indefinite period by said the Merchants’ Protective Association, at an agreed monthly salary, the defendants assuming to act for and represent said corporation to the extent of making said contract for such employment; and that, in accordance with [28]*28the said provision of said contract, plaintiff entered into the employ of a collection business purporting to operate as and in the name of the Merchants’ Protective Association, on or about the said 12th day of December, 1908, and continued in its employ until on or about the 1st day of January, 1913, during which time he received the monthly salary prescribed in said contract.

“(3) That immediately before and at the time said contract was executed, and as an inducement to plaintiff to execute the same, defendants stated and represented to plaintiff that a certain collection business then being conducted by defendants was owned by the Merchants ’ Protective Association, a corporation under the laws of Utah, with a total authorized capitalization of 100 shares, of which the defendants were the owners of not less than 85 shares, they having purchased all said stock from the original incorporators of said corporation and their assignees; that defendant Francis G-. Luke was the general manager of said corporation, and that it was in an exceedingly prosperous condition, so much so that its stock, which had a par value of only one dollar per share, had increased to an actual value of $500 per share; that it was the owner of judgments against various individuals amounting to at least $1,000,000, all of which could and would be collected, and the proceeds of which, when collected, would belong to said corporation; that it had a large reserve fund, amounting to not less than $10,000 on deposit with MeCornick & Co., Bankers, of Salt Lake City, Utah; that it was not indebted to any of its clients in any. sum whatever, but had always kept its collections of money belonging to clients fully paid up as fast as such collections were received by it; that its business standing in the State of Utah and elsewhere was first-class, which would enable it to increase its business in the future, and that it had unsettled business in its possession, which, without any new business whatever, would enable it to continue operations and pay dividends of not less than 12 per cent, per annum upon its stock', valued at $500 per share, for many years.

“(4) That plaintiff relied upon said representations so made to him by defendants, and believed the same and each [29]*29and all of them to be true as stated, and such representations formed the sole and only consideration and inducement to plaintiff to enter into said contract with defendants, which he would not have executed and entered into, had he not believed said representations and each of them to be true. ’ ’

The plaintiff, in substance, further alleged that the representations set forth were false and were .known to be so by the defendants; that they were not, at the time said contract was entered into or at all, the owners of the capital stock aforesaid; that said collection business was not as represented by them; that the defendants did not, nor did said Merchants’ Protective Association, own collectible solvent judgments to the value of $1,000,000, or any other sum in excess of $100; that neither the defendant Francis G-. Luke individually, nor said association, had on deposit with McCornick & Co., Bankers, or elsewhere, any moneys, and that said capital stock was not worth in excess of one dollar per share; that in the month of June, 1912, he obtained the first intimation or information that the representations made by said defendants respecting-the extent and value of their business and the amount of their assets and the value of said stock were false, and that they knew that said representations were false when made; that said capital stock was and is worthless, and plaintiff, in the month of January, 1913, and before bringing this action, tendered said stock to said defendants and demanded repayment to him of said $2,500 paid therefor, which demand defendants refused. The plaintiff did not set forth the contract, but contented himself with stating its effect.

The defendants filed an answer in which they admitted the formal parts of the complaint and explained and denied the allegations of the complaint in the following terms:

“ (2) The defendants deny that they procured said agreement from the plaintiff by fraud and misrepresentation, as alleged in paragraph numbered 3 of the plaintiff’s complaint, and deny, particularly, that, immediately before and at the time said contract was executed, they made any or all of the following representations: That the stock of said Merchants’ Protective Association had an actual value of $500 per share; that the said association was the owner of judgments, amount[30]*30ing to $1,000,000, all of which could and would be collected, or that the proceeds of each judgment would, when collected, belong to said corporation; that it had on deposit with McCor-nick & Co., Bankers of Salt Lake City, Utah, a large reserve fund amounting to not less than $10,000; that said Merchants’ Protective Association was not indebted to any of its clients in any sum whatever, or that it always kept fully paid up its collections of money belonging to clients as fast as such collections were received by it; that it had unsettled business in its possession which, without any new business whatever, would enable it to continue operations and pay dividends of not less than twelve per cent, per annum upon the stock, valued at $500 per share, -for many years.

“ (3) And, on the contrary, the defendants say: That, at the execution of said contract, the plaintiff well knew, and for two months prior thereto had known, that, by an agreement between the defendant Francis G.

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

Related

BEASON v. I. E. MILLER SERVICES, INC.
2019 OK 28 (Supreme Court of Oklahoma, 2019)
Fishbaugh v. Utah Power & Light
969 P.2d 403 (Utah Supreme Court, 1998)
Timm v. Dewsnup
851 P.2d 1178 (Utah Supreme Court, 1993)
Valley Bank & Trust Co. v. Wilken
668 P.2d 493 (Utah Supreme Court, 1983)
Gillman Ex Rel. Gillman v. Hansen
486 P.2d 1045 (Utah Supreme Court, 1971)
Consolidated Steelcraft v. Knowlton
199 P.2d 149 (Utah Supreme Court, 1948)
Hartford Accident & Indemnity Co v. Clegg
135 P.2d 919 (Utah Supreme Court, 1943)
Harman v. Yeager
110 P.2d 352 (Utah Supreme Court, 1941)
Buffalo Basin Petroleum Co. v. Tanberg Oil Co.
13 P.2d 243 (Wyoming Supreme Court, 1932)
Combined Metals, Inc. v. Bastian
267 P. 1020 (Utah Supreme Court, 1928)
Grover v. Cash
253 P. 676 (Utah Supreme Court, 1927)
Owen v. Leber
228 P. 927 (Oregon Supreme Court, 1924)
Detroit Vapor Stove Co. v. J. C. Weeter Lumber Co.
215 P. 995 (Utah Supreme Court, 1923)
Hancock v. Luke
173 P. 137 (Utah Supreme Court, 1918)

Cite This Page — Counsel Stack

Bluebook (online)
148 P. 452, 46 Utah 26, 1915 Utah LEXIS 3, Counsel Stack Legal Research, https://law.counselstack.com/opinion/hancock-v-luke-utah-1915.