Schwartz

Schwartz v. Wright

Good Law
1899 Cal. LEXIS 1165·6 Cal. Unrep. 248·56 P. 608
Supreme Court of CaliforniaMarch 9, 1899S. F. No. 843California1,714 words

Opinion

Lead Opinion

Pringle, J.

Appeal from order denying motion for new trial and from judgment. Action brought upon the following check:

The jury rendered a verdict in favor of the defendant. There is a painful conflict of testimony in the case. The defense is that the check was never absolutely delivered, and that there was no completed consideration for it. The facts are peculiar. The testimony on behalf of the defendant is that William H. Wright was anxious to obtain the control of the majority of the stock of the Oceanic Phosphate Com *250 pany, and for that purpose entered into negotiations with M. C. Chapman, who undertook to put into his hands 2,707 shares of the stock, the requisite majority being 5,070 shares. Chapman and John A. Magee owned 2,461 shares, but they were in the hands of Judge Van Reynegom, who held them in pledge to secure a note of Chapman and Magee to Bayle, Laeoste & Co. They could be released and put into the pool by payment to Van Reynegom, for Bayle, Laeoste & Co., of $3,300. In order to accomplish this, W. H. Wright agreed to obtain the $3,300, if Chapman would secure other stock to make up 2,707 shares, and would complete the pool of 5,070 shares. The negotiations lasted some…

Sign in to read the full opinion

Create a free account to read the complete opinion text, citation history, and good-law status for this case.