22, FEDERAL Rmronrmn.
Omsson & W. Moms. SAV. BANK ·v. Ammucmv Moms. Co.
(Oiircuit Oowrl, D. Qrcgon. May 7, 1888.)
1. PRINCIPAL mn AGENT—REVOGATION—POWER Courmsn wrrn AN Iurnnnsr.
An agency or authority, coupled with an interest in the subject-matter
thereof, may be revoked by the principal in pursuance of a stipulation or re·
servation to that effect in the instrument constituting the agency or authority.
2. Mm »
SA An agency to loan the principafs money in his name, and collect the inter-
est thereon, in consideration o an annual commission on the existing amount
of such loans, to be retained by the agent out of the -annual interest thereon
when collected by him, is not an agency coupled with an interest in the sub-,
ject-matter thereof, and may be revoked by the principal at his pleasure.
8. ARBITRATION AND AWARD—SUBMISSION—REVOCATION.
A submission to arbitration, where the same is not made a rule of court, or
· otherwise regulated by statute, may be revoked by either party thereto. at
any time before an award is made, and the remedy of the adverse party, if he
18 damaged thereby, is by an action on the agreement to submit.
(Syllabus by the Uourl.) `
At Law. On demurrer. » .
Albert H. Tonner, for plaintiff.
John M Gcarin, for defendant. ·
DEADY, J. ·This action is brought by the plaintiff, a corporation
formed under the laws of Oregon, against the defendant, a corporation
formed under the laws of Great Britain.
There are three causes of action stated in the complaint, to each of which
the defendant demurs because the facts stated do not constitute a cause
of action. » i
In support of the first claim it isj alleged that on October 10, 1882,
the parties made an agreement by which the plaintiff undertook to act
as the sole agent ofthe defendant in the business of loaning money in
Oregon, Idaho, and Washington, "upon an actual commission or remu-
neration to be received from and upon the interests actually collected
from loans;" that the plaintiff, as such agent, was to keep the defend-
ant " harmless " from all claims for taxes levied on such loans, for which
, it was to receive 1 per centum yearly on the existing amount thereof; and
also to bear all the expense of making such loans and enforcing the pay·
ment thereof, if necessary, for which it was to receive 1% Per centum
yearly on the existing amount thereof, to be deducted in each case"from
the interests it may collect thereon;" that " if themortgage company
(the defendant) should desire at any time to cease leaning in Oregon,
Idaho, and Washington, through the agency of the said bank, (the
plaintiff,) or if the latter should desire to resign the agency of the mortgage
company, each shall be entitled and bound to givethe other three months’
notice of said proposed termination, so that loans intended to be made
for the mortgage company in the future shall be directed and applied by
the bank e1sewhere," and that in pursuance of such provision the agency
was terminated on September 15, 1887; that the plaintiff entered on the
business of such agency and continued in the same until such termina-
I