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• Title: Hager v. Homson Et Al.
• Author : United States Supreme Court
• Release Date : January 01, 1861
• Genre: Law,Books,Professional & Technical,
• Pages : * pages
• Size : 61 KB

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The Circuit Court dismissed the bill, and the complainant took an appeal to this court. Mr. Ransom, of New Jersey, for the appellant. The complainant is entitled to have from the defendants such a sum of money for his stock as, upon a fair examination of the affairs of the company, and a proper estimate of its assets, the stock may be found to be worth; and if the examination at Princeton was not a fair one, he is entitled to a restatement. The account taken at Princeton is not conclusive. Perkins vs. Hart, Executor, (11 Wheat., 256;) S. C., 6 Curtis, 587; Chappedelaine et al. vs. Dechenaux, Executor, (4 Cranch, 306;) S. C., 2 Curtis, 114; 1 Bald. C. C. R., 418; Kelsey vs. Hobley, (16 Pet. R., 269.) If the assurances given by the defendants to the complainant, that the books were correct and the abstract true, were false, then those assurances were a fraud upon the complainant, which vitiates the account rendered, and entitles him to a new account and a new valuation of his stock. 1 Story's Eq. Juris., § 200; Atwood vs. Small, (6 Clark & Finnelly's R., 232, 233;) Camp vs. Pulver, (5 Barb. Sup. Ct. R., 91;) Sandford vs. Handy, (23 Wend. R., 260;) Wilson vs. Force, (6 Johns. R., 111;) Snyder vs. Finley, (Coxe, 78;) Gilbert vs. Hoffman, (2 Watts, 66;) Hazard vs. Irwin, (18 Pick., 95;) Rodgers, Executor, vs. Grundy, (3 Pet. R., 210;) Smith vs. Richards, (13 Pet. R., 26.) Another reason is, the defendants stood in the relation of trustees to the complainant and the other stockholders of the company, and being in possession of full and perfect information concerning its affairs, they took advantage of the superior knowledge which their position gave them to purchase the stock of the complainant for less than its real value, withholding from him the information to which he was entitled. In such cases the court will carefully inquire into and sift all the circumstances in order to ascertain the perfect fairness and propriety of the transaction, and if any unfair advantage has been taken by withholding information or other fraudulent dealing, the purchase will at once be set aside. Hill on Trustees, 537; 9 Ves., 246-7; Morse vs. Royal, (12 Ves., 373;) Ayliff vs. Murray, (2 Atk., 59;) Boyd vs. Hawkins, (2 Dev. Eq., 195, 329;) Schuartz vs. Wendell, (Walker's Ch., 627;) Farr vs. Farr, (1 Hill's Eq., 390;) Stewart vs. Kissam, (2 Barb. S. C., 494;) Allen vs. Bryant, (7 Ired. Eq., 276;) Hunter vs. Atkins, (3 M. & H., 135;) Herne vs. Mars, (1 Vern., 465;) Fox vs. Macreth, (2 Brown's Ch. Cas., 400;) Scott vs. Davis, (Mylne & Craig's R., 87;) Freeman vs. Brooks, (9 Pick., 212.) Mr. Bradley, of New Jersey, for the appellees. Even if the charges of error were not shown to be unfounded, or satisfactorily explained, they should be deemed settled by reason of the sale of the plaintiff's stock to the company on the 13th of January, 1848.

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