In re Oliver
District Court, N.D. Texas
In Bankruptcy. On certificate from referee. Rod Oliver was duly adjudged bankrupt September 22, 1903. In the preceding May he traded two certain bills of exchange or drafts to the Groesbeeck National Bank of Groesbeeck, Tex. These drafts were for $1,500 and $1,000, respectively, and were drawn by Rod Oliver on one Joe Peeples.
Read the full summary
In Bankruptcy. On certificate from referee. Rod Oliver was duly adjudged bankrupt September 22, 1903. In the preceding May he traded two certain bills of exchange or drafts to the Groesbeeck National Bank of Groesbeeck, Tex. These drafts were for $1,500 and $1,000, respectively, and were drawn by Rod Oliver on one Joe Peeples. They were made payable to the order of the Groesbeeck National Bank on November 1st after date, May 13, 1903, and before being received by the bank were duly accepted by the drawee, the acceptance being noted on the drafts. Peeples was the agent of Oliver to collect…
1Opinion of the Court
MEEK, District Judge (after stating the facts as above).
The right of Thornton, the receiver, to have his claims based upon the two drafts paid in full from the fund in the hands of the trustee depends upon whether or not there was an equitable assignment pro tanto of the rent money to come into the hands of Peeples. The authorities are quite uniform to the effect that a bill of exchange or draft drawn against a specified fund and accepted by the drawee constitutes an equitable assignment pro tanto of the fund. Mandeville v. Welch, 18 U. S. 227, 5 L. Ed. 87; Buckner v. Sayre, 18 B. Mon. 745;…
2Cases cited5 opinions
- Trist v. ChildSupreme Court of the United States · 1875
- Mandeville v. WelchSupreme Court of the United States · 1820
- East Lewisburg Lumber & Manufacturing Co. v. MarshSupreme Court of Pennsylvania · 1879
- Nesmith v. DrumSupreme Court of Pennsylvania · 1844
- Wells v. WilliamsNew York Supreme Court · 1863
3Cited by1 opinion
- Cumberland Portland Cement Co. v. Reconstruction Finance Corp.District Court, E.D. Tennessee · 1953