Veazie v. Williams

49 U.S. 134 (1850)

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Veazie v. Williams

United States Supreme Court
49 U.S. 134 (1850)

MP

Facts

Samuel Veazie (plaintiff) purchased property from Nathaniel Williams (defendant) at a public auction. The property was comprised of some mills and was valued by Williams at approximately $14,500. During the auction, which took place in January 1836, bidding rose well above this price, and Veazie, as the highest bidder, ended up paying at least three times the estimated actual value of the property. Williams accepted the payment. All of the other bids higher than $20,000 made at the auction—other than Veazie’s—were made by the auctioneer himself. The auctioneer, however, was not wealthy enough to speculate on or invest in the property, nor was he engaged in the business of milling. Believing that the auctioneer had artificially inflated the price, Veazie sued Williams for fraud, seeking a rescission of the sale in equity. The auctioneer was not a party to the suit. The circuit court dismissed the action, and Veazie appealed. On appeal, Williams denied that the auctioneer had engaged in by-bidding (bidding designed to drive up the price). Williams also argued that Veazie should have sued the auctioneer rather than Williams.

Rule of Law

Issue

Holding and Reasoning (Woodbury, J.)

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