Marine & Fire Insurance Bank of Georgia v. Jauncey
New York Supreme Court
In Equity, The bill in this cause stated, that in June, 1846, John Wood, then residing in Savannah, shipped and consigned to Joseph Wood, a commission merchant in New-York, 105 bales of cotton, for sale on commission, on his account; that the cotton was received in New-York on the 12th day of July; that on the 29th day of June, John Wood made his draft upon Joseph Wood, at 60 days sight, for $3000, payable to the order of Thomas T. Walsh; that the draft was drawn against the…
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In Equity, The bill in this cause stated, that in June, 1846, John Wood, then residing in Savannah, shipped and consigned to Joseph Wood, a commission merchant in New-York, 105 bales of cotton, for sale on commission, on his account; that the cotton was received in New-York on the 12th day of July; that on the 29th day of June, John Wood made his draft upon Joseph Wood, at 60 days sight, for $3000, payable to the order of Thomas T. Walsh; that the draft was drawn against the proceeds of the cotton, to be realized on a sale in New-York; ¡that the draft was presented to the plaintiffs by the…
1Opinion of the CourtHarris, J.
At the time of the execution of the assignment,. Joseph Wood had no interest in the cotton which could be conveyed by the assignment. The cotton had not arrived. The draft had not been accepted. When he accepted the draft he acquired a lien upon the cotton for his indemnity, but this could give Jauncey no right to claim the cotton. He then stood in the situation of a surety for John Wood, the principal debtor. The proceeds of the cotton, if received by him, would have constituted, in his hands, a trust fund applicable to the payment of, the draft. It is not denied, that as between him and…
2Cases cited1 opinion
- Bank of Michigan v. WilliamsNew York Supreme Court · 1830
3Cited by4 opinions
- Shannon v. WolfIllinois Supreme Court · 1898
- Pease v. LandauerWisconsin Supreme Court · 1885
- Plymouth Rubber Co. v. KnottCity of New York Municipal Court · 1921
- Randolph v. CanbyU.S. Circuit Court for the District of Delaware · 1875