Morris v. Olwine
Supreme Court of Pennsylvania
Error to the Common Pleas, Philadelphia. The question involved in this case arose through exception to an auditor’s report on the accounts of John S. Twells, assignee for the benefit of creditors of Livingston & Lyman. Before the auditor, Morris & Co. preferred a claim by promissory note for above $700 ; and other creditors preferred claims exceeding $11,000. On these claims the auditor allowed a dividend of 8.26-100 per cent.
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Error to the Common Pleas, Philadelphia. The question involved in this case arose through exception to an auditor’s report on the accounts of John S. Twells, assignee for the benefit of creditors of Livingston & Lyman. Before the auditor, Morris & Co. preferred a claim by promissory note for above $700 ; and other creditors preferred claims exceeding $11,000. On these claims the auditor allowed a dividend of 8.26-100 per cent. John Tams also claimed a dividend on $20,000, and a dividend of 8.26-100 was also allowed, it amounting to $1650:08. Of the claim, $17,000 consisted of three bonds,…
1Opinion of the Court
The opinion of the Court was delivered by
Lewis, J.
At the time of, and immediately before, the assignment for the benefit of creditors, those having judgments on, the real estate had not only a right, but the law imposed it upon them as a duty to resort to the personal estate as the primary fund for the payment of their debts. If that was sufficient for the purpose, the real estate was entitled to exoneration. This obligation may not exist where a creditor has two remedies, both of which may be pursued until he obtains full satisfaction; but the accumulation of remedies certainly does not…
2Cited by9 opinions
- United Security Trust Company CaseSupreme Court of Pennsylvania · 1936
- Estate of Jamison & Co.Supreme Court of Pennsylvania · 1894
- Emlen's EstateSupreme Court of Pennsylvania · 1939
- Joseph P. Murphy Co.'s Assigned EstateSupreme Court of Pennsylvania · 1906
- Chambersburg Trust Co. v. AlexanderSuperior Court of Pennsylvania · 1931
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