Page:Federal Reporter, 1st Series, Volume 3.djvu/890

 UNION MUT. LIFE INS. CO. ». MASTEN. 883 �certificate of purchase, which /^fas taken in the name of the insurance company. Certainly he had no such right unless he was expressly, or by necessary implication, authorized to make the contract which he did with the coal company. He claimed that he had that right, and upon that is founded one of the exceptions to the report of the master. It would not be correct to say, under the proof in this case, that he had instructions authorizing him to sell the property or to di jpose of the certificate of purchase. '"he implication ought to be clear where a party relies upon an implied authority from his principal to sell real property. I do not think that is the fact in this case. The certificate of purchase, having been transmitted to the insurance company, was returned by the company to its principal agent at Chicago, as it is claimed, for a deed, and by the agent at Chicago was sent to Mr. Buchanan here, as it is to be presumed, for the same purpose. When returned here, Mr. Buchanan indorsed the certificate over to the coal company, and when the controversy arose between the coal company and the insurance company, a bill was filed for the purpose of determining to whom the conveyance should be made by the officer who sold the prop- erty under the decree of foreclosure. �After ail this had taken place, Mr. Sharpe, who, it seems not to be controverted, was a duly authorized agent of the insurance company, came to Indianapolis and had an inter. view with Mr. Buchanan, and, as Mr. Sharpe insists, he for the first time leamed what had; taken place viz. : that the property had been sold to the coal company; that the certifi. cate of purchase had been indorsed by Mr. Buchanan to that company, and the full amount of the purchase money had been paid to him. �The case must turn on this point : whether or not, after Mr. Sharpe knew that Mr. Buchanan had received the money, he did anything which ratified the act of Mr. Buchanan in selling the property as the agent of the insurance company. �It may be said that the coal company did not act with as much prudence as a cautious man would bave acted in the were ail made and the money paid before the certificate was ����
 * )urchase of real property. For example: The arrangements