In the case of Knapp, Stout & Co. Company v. McCaffrey in 1899, the U.S Supreme Court dealt with a dispute over land ownership and timber rights between a logging company and an individual who had settled on public lands under the Homestead Act before they were surveyed by government officials. The logging company argued that it held title to these lands through purchase from another party who had acquired them after official surveying was completed. However, McCaffrey claimed he obtained rightful ownership by settling on and improving the land prior to its formal surveying as allowed under federal law at that time. The court ruled in favor of McCaffrey stating that his claim was valid due to his settlement and improvements made before any official surveys took place or patents issued for those lands. This ruling affirmed settlers' rights against later claims based solely on subsequent governmental actions such as surveys or sales.

The dissenting opinion in the case of Knapp, Stout & Co. Company v. McCaffrey argued that the majority's decision was incorrect because it failed to properly interpret and apply Wisconsin law regarding property rights and contracts. The dissent contended that under Wisconsin law, a contract for sale does not transfer ownership until delivery is made or payment is received by the seller. Therefore, when Knapp, Stout & Co.'s logs were lost before they could be delivered to McCaffrey, ownership had not yet transferred from the company to McCaffrey; thus making them liable for loss as per their agreement with him which stated "all risks of river navigation are assumed by sellers." Furthermore, even if there was ambiguity about who bore risk during transportation according to this clause in their contract - it should have been interpreted against its drafter i.e., Knapp Stout & Co., thereby holding them responsible for losses incurred due to non-delivery.