Bridges v. . National Bank of Troy
New York Court of Appeals
The plaintiff, as assignee for the benefit of creditors, is not a purchaser for value of the stock, and cannot, therefore, defeat the equity and set-off of the defendant against the dividends sued for. (Curtis v. Leavitt, 15 N. Y. 195 ; Van Heusen v. Radcliffe, 17 N. Y. 580; Griffin v. Marquardt, 17 N. Y. 58 ; Welch v. Polley, 177 N. Y. 117; Richards v. La Tourette, 119 N. Y. 54; Lindsay v. Jackson, 2 Paige, 281; Holbrook v. A. F. Ins.
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The plaintiff, as assignee for the benefit of creditors, is not a purchaser for value of the stock, and cannot, therefore, defeat the equity and set-off of the defendant against the dividends sued for. (Curtis v. Leavitt, 15 N. Y. 195 ; Van Heusen v. Radcliffe, 17 N. Y. 580; Griffin v. Marquardt, 17 N. Y. 58 ; Welch v. Polley, 177 N. Y. 117; Richards v. La Tourette, 119 N. Y. 54; Lindsay v. Jackson, 2 Paige, 281; Holbrook v. A. F. Ins. Co., 6 Paige, 220; Jordan v. Sharlock, 84 Penn. St. 366; Waterman on Set-off, § 132; Matter of Hatch, 155 N. Y. 401; Hughitt v. Hayes, 136 N. Y. 163; Smith v.…
1Opinion of the CourtWillard Bartlett, J.
On May 15, 1903, James IT. Carpenter, individually and as surviving partner of a firm of bankers and brokers known as Neher & Carpenter, made a general assigment for the benefit of creditors to the plaintiff in this action.
Included in the individual property of James IT. Carpenter which passed under this general assignment were forty shares of the capital stock of the defendant, a national banking association organized under the laws of the United States, and' having its principal place of business and office in the city of Troy.
At the time of the assignment the assignor was indebted to the…
2Cases cited4 opinions
- Merritt v. . SeamanNew York Court of Appeals · 1852
- Fry v. EvansNew York Supreme Court · 1832
- Third Nat. Bank of Buffalo v. Buffalo German Ins. Co.Supreme Court of the United States · 1904
- Buffalo German Insurance v. Third National BankNew York Court of Appeals · 1900
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- In re the Peoples Surety Co.Appellate Division of the Supreme Court of the State of New York · 1919
- Brown v. Deposit National BankAppellate Division of the Supreme Court of the State of New York · 1932
- Union Bank & Trust v. PaySouth Dakota Supreme Court · 1971
- Rockwood v. Foshay Trust & Savings BankSupreme Court of Minnesota · 1935