Patton v. Wells
| Decision Date | 02 March 1903 |
| Docket Number | 1,752. |
| Citation | 121 F. 337 |
| Parties | PATTON v. WELLS. |
| Court | U.S. Court of Appeals — Eighth Circuit |
Elijah Robinson (C. G. Saunders and D. W. Stuart, on the brief), for plaintiff in error.
John N Baldwin (S. B. Wadsworth and George S. Wright, on the brief) for defendant in error.
Before CALDWELL, SANBORN, and THAYER, Circuit Judges.
Lucius Wells, the defendant in error, brought this action against James A. Patton, the plaintiff in error; his petition containing two counts or causes of action. In the first count he alleged, in substance, that about October 1, 1896, he was elected president of the First National Bank of Council Bluffs, Iowa, and that the defendant was elected its cashier at about the same time; that the bank held claims against the Council Bluffs Gas & Electric Light Company amounting in the aggregate to about $120,000; that he had several conversations with the defendant, Patton, about the different methods of collecting this claim against the aforesaid gas and electric light company, and that by an oral agreement entered into between the plaintiff, Wells, and the defendant Patton, the plaintiff agreed to assist the defendant in the reorganization of the aforesaid gas and electric light company, and in the sale of a large block of the stock of that company which the bank held as collateral; and that in and by said oral agreement the defendant promised to share with the plaintiff in the profits which might be made in the reorganization of said company and the sale of its stock after the bank had fully realized what was due to it. It was then averred that the reorganization of the gas and electric light company took place; that the defendant, Patton, has received as profits incident to the reorganization of said company and the sale of its stock a large amount of money, to wit, several thousand dollars, but that he had neglected and refused to pay a part of it to the plaintiff in compliance with his agreement. The answer to this cause of action was a denial of the alleged oral agreement.
In the second count of his complaint the plaintiff alleged that on or about October 1, 1896, the defendant, Patton, entered into a verbal agreement with him whereby he promised that in consideration of the plaintiff's becoming and acting as a director and officer of the First National Bank of Council Bluffs, Iowa, he, the said Patton, would compensate the plaintiff for any and all services which he might render during the time that he acted as an officer or director of said bank; that the defendant was at the time the cashier of the bank, and a stockholder therein; that by virtue of such contract the plaintiff became a director and president of the bank, and performed services as such continuously during the years 1896, 1897, and 1898, until the bank became merged with another bank at Council Bluffs, Iowa, known as the Citizens' State Bank; and that the services which the plaintiff performed in pursuance of said agreement were of the reasonable value of $5,000, no part of which had been paid. The defendant answered this cause of action by denying that he ever entered into a contract with the plaintiff...
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