Rose v. First Nat. Bank of Stigler

1923 OK 561, 219 P. 715, 93 Okla. 120, 1923 Okla. LEXIS 347
CourtSupreme Court of Oklahoma
DecidedJuly 24, 1923
DocketNo 10755
StatusPublished
Cited by8 cases

This text of 1923 OK 561 (Rose v. First Nat. Bank of Stigler) is published on Counsel Stack Legal Research, covering Supreme Court of Oklahoma primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook
Rose v. First Nat. Bank of Stigler, 1923 OK 561, 219 P. 715, 93 Okla. 120, 1923 Okla. LEXIS 347 (Okla. 1923).

Opinion

'Opinion by

PINKHAM. 0.

This suit was brought by the First National Bank of Stigler against Sam Rose. The defendant below is the plaintiff in error here, and the parties will be. referred to as they appeared in the court below.

The plaintiff recovered a judgment, and this appeal is from the judgment so rendered.

The plaintiff’s petition alleges, in substance :

“That on the 30th day of September, 3911. one Henry Cooper, being at that time indebted to (he plaintiff in a large sum of money, to wit: $1,500, executed and delivered to plaintiff his certain real estate mortgage covering the following described lands, being within Carter county, Oklahoma, to wit: (describing said lands), and being a second lien thereon; one Jane P. Williams holding a first mortgage lien against said lands for a principal sum of 82,250.
*121 “That at the time of the execution and delivery of said mortgage to the said Jane P. Williams, and at all 'limes hereinafter mentioned, the said defendant Sam Rose was the duly authorized and acting agent of the said Jane P. Williams, and was at all limes up until the 33th day of January, i¡¡13. /he president of the plaintiff bank.
"That (luring the period from the 13th day of January, 3013, to the, 20th day of May, 1914, one Charles C. Sloan was the president and official head of the plaintiff bank, after which said defendant again became president of the plaintiff bank, and was its active and official head until the -day of --1916.
“That both of said mortgages became subject to foreclosure — and it became necessary to institute suits in the district court of Carter county, Oklahoma, toward the foreclosure of said mortgages; and according to agreement and understanding, orally made between the plaintiff bank by its president. Charles C. Sloan, and the defendant, as the acting agent of Jane P. Williams, two foreclosure suits were simultaneously brought in the district court of Carter county, Oklahoma, upon the mortgages above mentioned, covering the lands above mentioned, the plaintiff' in each, suit being represented by the bank’s attorneys — which (suits) were later consolidated and proceeded with jointly, and (hereafter judgment and decree of foreclosure entered therein on the 27 th day of May, 1913, in favor of said Jane P. Williams, against the said Cooper in the sum of $2,504.22, with interest thereon, together with an attorney’s fee of $238.50, and a further judgment in favor of the said First National Bank of Stigler, against (he said Cooper in the sum of $1,600, with interest thereon, and- attorney’s fees, and providing in said judgment and decree that the said Jane P. Williams had a first and prior lien on said lands to the amount of said indebtedness due her from said Cooper, and the said First National Bank of Stigler a second lien thereon to the amount of the indebtedness due it from said Cooper, and a further judgment and decree of sale of said real estate to satisfy all of said indebtedness.
"That on the 1st day of December, 1913, an order of sale issued in said cause for the sale of said real estate and pursuant to notices issued thereon by the sheriff of Carter county, Oklahoma, said land was sold and conveyed by sheriff’s deed to Ihe defendant, Sam Rose, on to wit, the-day of January, 1914, for a consideration of $3,200. ■
“That at the time of the institution of said action in the .district court of Carter county, Oklahoma, it was orally agreed by and between the defendant and the plaintiff bank by its then president, Charles C. .--'•loan, that in all matters, actions and proceedings taken with reference to said lands by said -parities plaintiff thait they would proceed jointly, -acting together so that their several interests might be the better protected and conserved and in these transactions and at all times herein mentioned, said defendant, Sam Rose, was acting either as plaintiff’s agent and official representative or its agent and trustees.
“That about the time of the sale of said lands under foreclosure and a short time prior thereto, it was orally agreed by and between the plaintiff bank, by its president, Charles C. Sloan, and the defendant that at the time of said sale said defendant should go to Ardmore at time and place of sale of said lands, and there act for the plaintiff -bank and the said Jane P- Williams, and should bid on said lands at the sale thereof to the full amount of (he total indebtedness against the same in favor of the plaintiff bank, and the said Jane P. Williams, so as to fully protect both, and realize therefrom the to:al indebtedness due both parties, but in the event that said lands should be purchased by said defendant for a sum less than the total indebtedness due both the plaintiff -bank and the said Jane P. Williams, that the several interests of the plaintiff bank and said Jane P. Williams should be pooled and the lands bought in the name of the said Sam Rose, and he to hold the same in trust for both the said Jane P. Williams and the plaintiff .hank, and the said lands thereafter to be sold by the said Sam Rose and the proceeds of said sale divided so that- the said Jane P. Williams' should receive 33-51, and the plaintiff bank 18-51 of the proceeds of the sale of said lands.
“That pursuant to said agreement, orally made, between the said Sam Rose and the plaintiff with reference to the purchase of said lands at foreclosure and the future sale of the same, and the divisions of the proceeds thereof, as aforesaid, said Sam Rose, so acting in (he capacities aforesaid, went to Ardmore at the time and place of said sale of said lands, and did purchase the same at said foreclosure sale for a consideration of $3,200, not actually paid by said 'Sam Rose therefor, but credit taken by him against the indebtedness in favor of the said plaintiff bank and said Jane P. Williams 'from said Cooper.
“That thereafter and on the - day of -, 1917, said defendant, Sam Rose, did sell said lands for a total consideration of $5,200, and that according to said agreement there became due and payable to the iVlaintiff from sgid defendant, on the - day of-, 1917, the sum of $1,818, which amount said defendant failed and refuses to deliver or pay to the plaintiff, and wholly fails and refuses to account for any of said moneys so received by him belonging to the plaintiff.
“That it was not until' the -— day of -, 3918, that the plaintiff be *122 came aware of the sale of said property and of the failure and refusal of the defendant to account for and pay over to the plaintiff its proportionate share of the proceeds of said sale.”

This was followed by prayer for judgment. The defendant demurred to this petition. The demurrer was overruled and (he defendant excepted.

The amended answer of the defendant admitted that Henry Cooper was indebted to 'the plaintiff on the 80th day of September, 1911, and admitted that Jane P. Williams held the first mortgage lien against the land described in the petition as alleged therein, and admitted that he, the defendant, was the agent of Jane P. Williams for the purpose of assisting her in collecting the debt, but alleged he had no authority to represent her except for that purpose.

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Bluebook (online)
1923 OK 561, 219 P. 715, 93 Okla. 120, 1923 Okla. LEXIS 347, Counsel Stack Legal Research, https://law.counselstack.com/opinion/rose-v-first-nat-bank-of-stigler-okla-1923.