Citation Numbers: 65 Or. 206, 132 P. 533
Judges: Eakin
Filed Date: 5/20/1913
Status: Precedential
Modified Date: 7/23/2022
delivered the opinion of the court.
Much of the evidence is directed to the question of the ownership of the stock in the Power Company. Plaintiff contends that, when the Power Company was organized and the ditch constructed, S. Philippi was the president and principal owner and stockholder in the S. W. Mills, and sought to acquire the water power to the extent of a one-third interest therein for the sole benefit of the S. W. Mills; that the money he (Philippi) advanced to the Power Company was the money of the S. W. Mills; and that although the stock was'issued in Philippi’s name, it was, in fact, the property of the S. W. Mills. But that issue is not before us for trial.
Mr. Lambert, in discussing the financial condition of the Mill Company with Gardner, testified that Gardner said that he and Brown had advanced money to pay the Woolen Mill’s part of the expenses in the Power Company, and that they (the Mill Company) could secure that by reimbursing him and Brown for the money they had advanced. In answer to the question as to what Gardner and Preres said about the Power Company, Lambert replied: “Mr. Gardner said he and Mr. Brown had advanced money to pay expenses of the Woolen Mill, their dam went out, and the like of that; he and Brown had advanced money to pay for the work. He said, ‘There was a balance due from the Stayton Woolen Mill Company of so much, and if we could make that money go to them, then we could have that one-third interest.’ That was the plan we had taken it up on.” Lambert further stated: “Well, that question was asked by myself if the one-third interest of the water power belonged to the Woolen Mill. I told him (Preres) I wanted to know definitely before I ever started out to raise any money. Because I had talked to three or four different parties in regard to that; they told me they would not invest one cent in it unless that one-third interest was included in it. Mr. Preres told us right in the presence of Mr. Gardner that we got a one-third interest in the ditch. ” In an
In Smith v. Interior Warehouse Co., 51 Or. 578, at page 581 (94 Pac. 508, at page 509), it is said:
“There can be no dispute as to the law that equity will entertain jurisdiction to reform a contract on the ground of mistake; but, to entitle plaintiff to such relief, the mistake must be shown by satisfactory proof, and that it was mutual.”
The decree is affirmed. Affirmed.