Kip v. Bank of New-York
New York Supreme Court
THIS was an action on the case. The plaintiffs, Elbert and Samuel Kip, were bound with and for Samuel Haring, in an obligationfor 1,000 dollars, and having respectively lent their notes-to, or endorsed notes for, Samuel Haring and Henry Willers, partners, under the firm of Haring 8 Willers, for their indemnification and security, Haring 8 Willers executed a deed, or assignment, dated 1st of June, 1811, of all their stock in trade, securities for "the payment of money and…
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THIS was an action on the case. The plaintiffs, Elbert and Samuel Kip, were bound with and for Samuel Haring, in an obligationfor 1,000 dollars, and having respectively lent their notes-to, or endorsed notes for, Samuel Haring and Henry Willers, partners, under the firm of Haring 8 Willers, for their indemnification and security, Haring 8 Willers executed a deed, or assignment, dated 1st of June, 1811, of all their stock in trade, securities for "the payment of money and personal estate, in trust, to pay and indemnify them against their bond for 1,000 dollars, given to Mary D i • t ,, • , j ,…
1Per curiam
It is a'rule well settled by the authorities cited by the counsel for the plaintiffs, that no estate vests in the assignees of a bankrupt but that of which the bankrupt had the legal and equitable title. Property that he held in trust never1 passes by the commission, and if that property consists of goods remaining in specie, or of notes and other dioses in action, the cestuy que trust is entitled to the property, and not the creditors at large. The only check to the operation of the rule is, when the property is converted into cash by the bankrupt, and has been absorbed in the general mass…
2Cited by23 opinions
- Pierce v. RobinsonCalifornia Supreme Court · 1859
- Skiff v. StoddardSupreme Court of Connecticut · 1893
- Maury's Adm'r v. Mason's Adm'rSupreme Court of Alabama · 1838
- White & Williams v. PlattNew York Supreme Court · 1848
- Trecothick v. AustinU.S. Circuit Court for the District of Massachusetts · 1825
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