U.S. Supreme Court
Culver v. Wilkinson, 145 U.S. 205 (1892)
Culver v. Wilkinson
Argued April 19-20, 1892
Decided May 2, 1892
145 U.S. 205
In a written instrument, a corporation declared that it held for the benefit of C. certain choses in action, stock, and bonds, which it described, and said: "The proceeds arising from the sale of said securities and recovered from said choses in action are to be applied to pay off said notes and interest," and the remainder was to be paid to C. or his legal representatives, "subject to the repayment of moneys expended" by the corporation "in prosecuting claims or selling the securities." The notes chanroblesvirtualawlibrary
were described, and it was stated that C. was indebted to the corporation in their amount. Held that the declaration did not contain or imply any contract whereby the corporation was bound to prosecute claims or sell securities.
A receiver of the corporation, appointed by a court of New Jersey, having recovered in New Jersey a judgment against C. on notes given in renewal of those specified in the declaration, sued C. on the judgment in the Circuit Court of the United States for the Southern District of New York, and C. sought to give testimony of oral agreements whereby the corporation agreed to prosecute some of the claims, to pay the expenses of such prosecution, and to do various things in regard to the bonds, and that its failure to do so had caused damages to C., which he claimed to first apply in discharge of the judgment and then recover the balance. Held that the evidence was inadmissible and that it was proper to direct a verdict for the plaintiff.
The case is stated in the opinion.