Thatcher v. Darr

199 P. 938, 27 Wyo. 452, 16 A.L.R. 1442, 1921 Wyo. LEXIS 27
CourtWyoming Supreme Court
DecidedAugust 6, 1921
DocketNo. 969
StatusPublished
Cited by14 cases

This text of 199 P. 938 (Thatcher v. Darr) is published on Counsel Stack Legal Research, covering Wyoming Supreme Court primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook
Thatcher v. Darr, 199 P. 938, 27 Wyo. 452, 16 A.L.R. 1442, 1921 Wyo. LEXIS 27 (Wyo. 1921).

Opinion

Potter, C. J.

In this case a general demurrer was sustained to the amended petition, which had been filed by leave of court after a like demurrer to the original petition had been sustained, and the plaintiffs electing to stand upon their amended petition a judgment was rendered dismissing the action. The case is here on error for the review of that judgment.

The action was brought to recover damages for the alleged failure of the defendant to purchase and pay the agreed price for certain shares of the capital stock of a corporation. The amended petition alleges: That on or about March 14, 1914, the plaintiffs and defendant entered into a written agreement whereby the defendant promised to purchase from the plaintiffs, and they agreed to sell to the defendant, seventy shares of the capital stock of the Torchlight Drilling & Mining Association, Limited, at the par value of one hundred dollars per share, within one year from the date of the issuance of patent to said association by the United States Government for the east half of section 24, township 55 north of Range 83 west, in the state of Wyoming, for which patent the said association had theretofore applied; said stock having theretofore been issued to plaintiffs by the defendant pursuant to said agreement. That the agreement provided that as soon as patent issued the defendant should notify the plaintiffs thereof and designate some solvent bank in the city of Portland, Oregon/ to act as trustee and to whom plaintiffs should deliver their certificates of stock until payment should be made therefor. The alleged agreement is then set out in full in said petition. That shows an agreement between, the seven plaintiffs, as parties of the first part, who are named therein and describ[457]*457ed as all of Portland, Oregon, and the defendant, as party of the second part, who is described as of Basin, Wyoming; dated March 14, 1914, and it recites that on the 9th day of December, 1904, the parties of the first part executed and delivered to R. B. Magruder a certain power of attorney authorizing him to locate and dispose of mineral lands in their names; that said Magruder transferred said power of attorney to Philip Minor, who made use of the same for the location of mineral lands upon the public domain, and by such authority took up 320 acres of land in the State of Wyoming, to-wit: the east half of section 24, Township 51 North, Range 93 West; that said Minor, acting under authority of said power of attorney, transferred said land to the Torchlight Drilling & Mining Association, Limited; that in the month of December, 1910, said association made final proof on said land and sought to obtain a patent to the same from the United States Government; and “that the Government required certain testimony from the parties of the first part,” and “that the said parties of the first part, believing that they had certain rights and interests in the land, and that they have never received any benefits or things of value for their rights or services.” The agreement then provides as follows:

“NOW THEREFORE, it is hereby agreed that the parties of the first part will aid and assist the said Torchlight Company to procure a patent to said lands, and for that purpose will make affidavit or affidavits concerning their acts and intentions in connection with the whole matter, and if required will give such testimony whenever called upon to do so by the party of the second part, or his representative, and in all other ways give such help to obtain such patents as they may be able to furnish. It being understood between the parties hereto that such affidavits must agree with the truth as shown by the affidavits given Special Agent Rath and the statements this day made to said D. L. Darr.

“In consideration of such services to be rendered in be[458]*458half of said Torchlight Company, or to the partyof .the second part, the said party hereby agrees to issue to the parties, of the first part seventy shares of the stock of the said Torchlight Company of the par value of one hundred dollars per share.

“It is further agreed that the party of the second part will buy said stock at its par value within one year from the date of the issuance of said patent, provided, however, that as soon as such patent is issued the said party of the second part shall notify the parties of the first part by letter addressed to their now known addresses, and shall at the same time designate some solvent bank in the City of Portland, State of Oregon, to act as trustee and to whom the parties of the first part shall immediately deliver their certificates of said stock to be held by such trustee until payment for the same shall be made at the price above stated, and within one year from the date of the issuance of said patent.

“It is mutually understood and agreed that the promise to buy said stock is absolutely binding upon the party of the second part and the agreement to sell to the party of the second part is absolutely binding upon the parties of the first part, and at the par value of said stock.

“IN WITNESS WHEREOF we have hereunto set our . hands and to a duplicate copy thereof the day and the year above written. ’ ’

The agreement as thus set out in the petition appears to have been signed by each of the parties, and its execution acknowledged by each on the day of its date before a notary public in the'County of Multnomah in the State of Oregon. Following the said alleged copy of the agreement, it is further alleged that on August 25, 1915, more than one year prior to the commencement of the action, patent to a part of the “above described land” was issued to said Association by the United States Government, to-wit: (describing same by sub-divisions situated in Section 24, Twp. 51 N., R. 93 West). That said Association, before the issuance of the patent, and without the knowledge, consent or fault of [459]*459plaintiffs, or either of them, abandoned and waived its .claim and right to the remaining part of the east half of said sec.tion, not included in the patent, and by reason of said abandonment and waiver, patent for all of said east half was not issued; and that such abandonment and waiver was with the knowledge, consent and at the instance of the defendant. That it was intended and understood by the terms and conditions of said contract that the plaintiffs were obligated to sell to defendant, and the latter was obligated to purchase from the plaintiffs said stock at its par value within one year from the time of the issuance of the patent. That at all the times mentioned plaintiffs have been and now are able, ready and willing to sell and deliver said shares of stock to defendant, or to deliver the same to any trustee designated by him according to the terms of said agreement, and that defendant has wholly failed, neglected and refused to accept and pay for said stock, or to designate a trustee to whom the same may be delivered as provided by said agreement, although defendant has been heretofore requested to do so. That plaintiffs have performed each and every of the terms, conditions and stipulations of said contract on their part to be performed. That by reason of the premises, plaintiffs have been damaged in the sum of $7,000, no part of which has been paid, although demanded. The prayer is for judgment for said sum with interest from August 25, 1916.

The variance in the above recital between the description of the land in the contract and in the preceding averment of the amended petition with respect to the township and range occurs in said petition.

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Cite This Page — Counsel Stack

Bluebook (online)
199 P. 938, 27 Wyo. 452, 16 A.L.R. 1442, 1921 Wyo. LEXIS 27, Counsel Stack Legal Research, https://law.counselstack.com/opinion/thatcher-v-darr-wyo-1921.