Phelps v. Cable Railway Co.

3 Silv. Ct. App. 110, 33 N.Y. St. Rep. 625
CourtNew York Court of Appeals
DecidedOctober 21, 1890
StatusPublished

This text of 3 Silv. Ct. App. 110 (Phelps v. Cable Railway Co.) is published on Counsel Stack Legal Research, covering New York Court of Appeals primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook
Phelps v. Cable Railway Co., 3 Silv. Ct. App. 110, 33 N.Y. St. Rep. 625 (N.Y. 1890).

Opinion

Potter, J.

This action is brought to recover a balance alleged to be due to plaintiff from defendant, for services as a brok'er or middleman in negotiating the sale of certain patent rights belonging to the defendant for cable traction of cars upon street railways.

[111]*111The complaint alleges that the defendant is a corporation organized under the laws of the state of California, and that prior to' and on the 2d day of July, 1883, the defendant owned the right secured by various letters patent issued by the United States for cable traction, and which virtually gave the defendant the exclusive right and monopoly to a mode of moving street cars by cable, and that the defendant being desirous of selling said rights in all the territory of the United States lying east of the 106th meridian of west longitude, for the sum of $400,000, employed the plaintiff to procure a purchaser of the same for that sum, with the defendant’s assurance of such monopoly and its promise to expend $100,000, if need be, in maintaining and defending such monopoly; that the defendant agreed, in the event of said sale by plaintiff, to pay him twenty per cent, upon the purchase price, or $80,000, out of the purchase price ; that plaintiff, previous to July 2,1883, effected an agreement for such sale to William P. Shinn, whom he introduced to said defendant, and between whom a formal contract was made for the sale of such rights, which is annexed to, and forms a part of, the complaint; that said contract between said Shinn and defendant provided that said Shinn should pay said purchase price in installments therein specified as to amounts and periods, and that in case of the failure to make such payments, the rights intended to be sold to said Shinn should revert to, and become the absolute property of, said defendant, and any payments under the contract should be forfeited to the defendant, and Shinn should have no right to sell said rights except to a corporation to be formed in the mode and with the limitations specified in the contract, to the effect that in the contingency that said Shinn failed to pay said sum as specified in the contract, that he might, sell said rights to a corporation to be incorporated by his' procurement for the purpose of dealing in said rights with a capital stock of $2,500,000 represented by 50,000 shares at fifty dollars each; said Shinn receiving for said rights [112]*112transferred to such, corporation 35,000 of its- capital stock, and which stocks in excess of 26,000 shares were to be placed in escrow with the banking firm of Seligman & Co., to be delivered to Shinn or his assigns upon his or their depositing with said Seligman & Co. twenty dollars per share so long and until the purchase price shall have been paid to said defendant, and when said purchase price shall have been fully paid to defendant then any shares or money beyond the purchase price remaining with said Seligman & Co. shall belong to said Shinn, but if said installments of the purchase price are not fully paid to said defendant the 26,000 shares (being a majority of the stock) shall be the absolute property of the defendant, and that said Shinn should forfeit all the payments theretofore made, but is to be discharged from any further liability to pay the purchase price.

The complaint then alleges that simultaneously with the making and delivery of said contract the defendant executed and delivered to the plaintiff two contracts in writing (also annexed to the complaint) in which it was provided that plaintiff was to receive a commission of thirteen and one-third per cent, of any kind of consideration received by said Shinn or Ms assigns except in case of forfeiture; that the said SMnn performed Ms said contract with the defendant in all respects, and defendant received from SMnn the full consideration contracted and agreed to be paid in said contract, and that there has never been a forfeiture and that said SMnn has discharged every obligation in conformity with said contract, and the said defendant has received and accepted the consideration agreed to be paid as follows: the sum of one hundred and fifty-eight thousand one hundred and twenty-five dollars and seven cents ($158,125.07) and the balance in the stocks of said company (holding the said rights) as alternative payments, being compelled to this mode of payment for the reason that the said defendant did not perform its agreement to prosecute the infringers upon [113]*113said patented rights and to protect the said Shinn and his assignsin the enjoyment thereof, by means of which a ready and successful sale of said stocks for cash was prevented and that the plaintiff became entitled to receive of defendant the sum of fifty-three thousand three hundred and thirty-three dollars and thirty-three cents ($53,333.33) of which the defendant had paid the sum of twenty thousand nine hundred and twelve dollars and one cent and the plaintiff demanded a judgment for the balance, $32,421.32, with interest.

In short, the plaintiff claims to be entitled to recover the balance of commissions unpaid upon a basis of thirteen and one-third per cent, upon the purchase price of $400,-000.

The answer, in substance, denies the employment to sell for $400,000 and the agreement to pay commissions upon that basis of twenty per cent., and alleges that the commissions were to be at the rate of thirteen and one-third per cent, upon such sum as was paid for the patented rights in cash, and that such commissions have been paid, and that plaintiff is not entitled to any commissions in case of forfeiture or upon any stocks which should revert to defendant through failure to pay the purchase price of the patented rights in cash.

It also substantially denies that the contract between it and Shinn w;as an alternative contract, admitting of payment by cash or stocks, and insists that it was conditional or permissive as to the organization of the company to take title to the patented rights and sell its stock to raise the money with which to make payments for the patented rights, and that a failure to make the payments therefor in cash was the forfeiture referred to in the contracts between plaintiff and defendant.

Upon the trial amendments were allowed to be made to the pleadings which do not seem to have materially changed the issues in the case or to have required much additional [114]*114or different evidence to be introduced subsequent to the amendments.

The amendment of the complaint presents no new matter;. it presents the same matter with more particularity. But if this was not the case, the amendment was permitted through the exercise of judicial discretion by the trial court and is not, under the circumstances in this case, the subject of review by this court.

Under the pleadings as amended and the evidence, we are to consider whether this judgment should stand as the ultimate decision upon the rights of the parties. While this judgment is not between the principal contracting parties, yet the relation of the plaintiff to the contract between those parties makes it necessary to consider and construe that contract. The plaintiff had been for a little time prior to the 2d day of July, 1883, the means of bringing the defendant and one Wm. P. Shinn into negotiation and into a contract for the sale and purchase of certain patented rights for the traction of cars by cable.

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3 Silv. Ct. App. 110, 33 N.Y. St. Rep. 625, Counsel Stack Legal Research, https://law.counselstack.com/opinion/phelps-v-cable-railway-co-ny-1890.