Mississippi Law Journal, Vol. 11: December, 1938 (Classic Reprint) - Softcover

Excerpt from Mississippi Law Journal, Vol. 11: December, 1938

Observe that the essence of value, particularly where 'property' is eu trusted by the 'owner' to another, consists in the expectations of the 'owner'. Loss, conversion to converter's own use, and fraudulent intent also find their meaning in the defeat of these expectations. Conversion to any use other than to the use of the principal is nothing but the defeat of his expectations. The important aspect of fraudulent intent is not any dispute over its sub jective or objective character, nor over whether or not subjective intent can be known, but is its consequences which defeat the expectations of the principal.

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