oaacon & w. Moms. sAV. BANK v. AMERICAN Moms. co. 25
The general rule is, that a principal may revoke the authority of his
agent at his pleasure. To this there are some exceptions, one of which
is, where the principal has expressly stipulated that the authority shall
not be revoked, and the agent has an interest in its execution. But
both these circumstances must concur; for, if the agent has no interest
in its execution, it may be revoked, although it contains a stipulation to
the contrary. Story, Ag. §§ 462, 476. v" ,
And where an authority or power "is coupled with an interest," or is
given for a valuable consideration, or is part of a security from its nature
and character, in contemplation of law, it is irrevocable, unless there is
an express stipulation to the contrary. Id. § 447. And see Hunt v.
Rousmanicr, 8 Wheat. 203.
There was no consideration paid for this agency, nor was it given or
intended as a security to the plaintiff for any purpose. Neither is it
an authority "coupled with an interest.” The title to or property in
the money loaned was not, by the terms of the agency, vested in the
plaintiff, but remained in the defendant. To constitute a case of an
agency or power "coupled with an interest," the property ‘°in the thing
which is the subject of the agency or power must be vested in the person
to whom the agency or power is given, so that he may deal with it in
his own name. Hunt v. Rousmaniw, 8 Wheat. 203.
The plaintiff was simply employed to loan the money of the defendant
and to collect the same, with the interest thereon, as it became due, for
a compensation proportioned to the amount of the business done. It
has no interest in the loans or the gains arising therefrom, except the
amount it was entitled to retain out of the latter when collected, and not
before, in payment of its services. But were this otherwise, and even ad-
mitting that the agency of the plaintiff was coupled with aninterest in
the outstanding loans, so far as the right to collect the interest accruing
thereon is concerned, yet the agreement between the parties expressly
provides that the agency shall be revocable by the defendant on 90 days’
notice to the plaintiff. With the giving of this notice, the employment
of the plaintiff terminated, and although it may thereby have lost a lu-
crative business, in the contemplation of law it has not been deprived of
anything that belonged to it, or in which it had any property interest,
and therefore has no right to complain. r
The demurrer to this cause of action is sustained.