Hampton v. Phipps
Supreme Court of the United States
appeal' FROM THE CIRCUIT COURT OF THE UNITED STATES FOR THE DISTRICT OF SOUTH 'CAROLINA. Bill in equity by a creditor to obtain the benefit of securities held by sureties of the principal debtor.
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appeal' FROM THE CIRCUIT COURT OF THE UNITED STATES FOR THE DISTRICT OF SOUTH 'CAROLINA. Bill in equity by a creditor to obtain the benefit of securities held by sureties of the principal debtor. T,he appellee, who was complainant below, was the holder, and filed his bill in equity, on behalf of himself and the other holders of bonds, executed and delivered by Theodore I). Wagner and William L. Trenholm, to the amount of $710,000, and paid to creditors in settlement .of the liabilities of two insolvent firms, in which they were two of the copartners. These bonds were dated January 1st, 1868.…
1Opinion of the CourtJustice Matthews
the cpurt.
After reciting the fadts in the above language, he continued:
The ground on which the court below proceeded' seems to have been that the mortgages given by the co-sureties, each to the other, were in equity securities for the payment of the principal debt, which inured to the benefit of the creditors upon the principle of subrogation.
The application of the principle of subrogation in favor of creditors and of sureties, has undoubtedly been frequent in the courts of equity in England and the United States', and is an ancient and familiar head of their jurisdiction.
It was distinctly…
2Cases cited1 opinion
- Curtis v. TylerNew York Court of Chancery · 1842
3Cited by43 opinions
- Pearlman v. Reliance InsuranceSupreme Court of the United States · 1962
- Keller v. AshfordSupreme Court of the United States · 1890
- Prudence Realization Corp. v. GeistSupreme Court of the United States · 1942
- American Surety Co. v. Bethlehem National BankSupreme Court of the United States · 1941
- American Surety Co. v. Westinghouse Electric Manufacturing Co.Supreme Court of the United States · 1935
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