Pulsifer v. Arbuthnot

The defendants in error were indebted, upon promissory notes, to the Cuba State Bank. The bank became insolvent, and was placed in the hands of one Chauncey Perry as receiver. The *381receivership was closed, and the receiver ordered to turn over some residuary assets of the bank to the plaintiff in error as a trustee. Among these assets were the notes of the defendants in error. Suit was brought upon them. The action was defended upon the ground that an accord and satisfaction had been had with Perry, the receiver, by the terms of which certain real estate was conveyed and certain shares of…