Foster v. Bank of Abingdon
U.S. Circuit Court for the District of Western Virginia
This was a suit by Joel Foster and Nathaniel Foster against the Bank of Abingdon, John A. Buchanan, R. M. Page, and others, for an accounting and other relief. The defendants demurred to the bill, and the defendants Buchanan and Page also filed a plea, which was set down for argument with the demurrer.
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This was a suit by Joel Foster and Nathaniel Foster against the Bank of Abingdon, John A. Buchanan, R. M. Page, and others, for an accounting and other relief. The defendants demurred to the bill, and the defendants Buchanan and Page also filed a plea, which was set down for argument with the demurrer. This is a suit in equity brought by the cornplainants, who are nonresidents of the state of Virginia, against the Bank of Abingdon, a corporation under the laws of the state of Virginia, and others. The officers of said bank and the trustees in a deed of trust executed on the frill day of…
1Opinion of the CourtPaul, District Judge
(after stating the facts). The demurrer filed on the ground that the complainants are simple contract creditors, and therefore cannot maintain a suit in equity, cannot be sustained. The deed of trust made by the Bank of Abingdon on the 5th of August, 1S93, is for the benefit of all the creditors of the bank, and gives to all its creditors alike a lien on the assets, real and personal, of the bank. The property convetyed constitutes a trust fund for the payment of all creditors, and under its provisions all creditors of the bank are lienors of the trust property, and any of them can maintain a…
2Cases cited13 opinions
- Hollins v. Brierfield Coal & Iron Co.Supreme Court of the United States · 1893
- Freeman v. HoweSupreme Court of the United States · 1861
- Case v. BeauregardSupreme Court of the United States · 1880
- Smith v. McIverSupreme Court of the United States · 1824
- Sharon v. TerryU.S. Circuit Court for the District of Northern California · 1888
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3Cited by4 opinions
- Grubb v. General Contract Purchase CorporationDistrict Court, S.D. New York · 1937
- Foley v. HartleyU.S. Circuit Court for the District of Nevada · 1896
- Shaw v. LymanU.S. Circuit Court for the District of Western North Carolina · 1896
- Ferriday v. Middlesex Banking Co.Supreme Court of Louisiana · 1906