Illinois Finance Co. v. Interstate Rural Credit Ass'n
Court of Chancery of Delaware
Statement op the Case. In substance the bill shows that E. H. Watson had made a contract with the defendant company, by which he was given an exclusive agency to sell shares of stock of the defendant company, collect from the purchasers payments for the stock, pay all the expenses of making the sales, such as agents’ commissions, office expenses, etc., and retain from the proceeds as his compensation a fixed percentage thereof of any sales made by him, or otherwise made.
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Statement op the Case. In substance the bill shows that E. H. Watson had made a contract with the defendant company, by which he was given an exclusive agency to sell shares of stock of the defendant company, collect from the purchasers payments for the stock, pay all the expenses of making the sales, such as agents’ commissions, office expenses, etc., and retain from the proceeds as his compensation a fixed percentage thereof of any sales made by him, or otherwise made. It was agreed that the contract could be assigned by Watson. The capital stock of the company of one million dollars had…
1Opinion of the Court
The Chancellor.
The complainant is the assignee of a contract which, by its terms was made assignable, and the other party to the contract had notice of" the assignment. Choses in action are not assignable at common law, and the., statute which makes assignable certain kinds of evidences of indebtedness otherwise not assignable and gives to the assignee a right to sue thereon in his own name, does not apply to the contract under consideration. Revised Code of 1915, § 2627, p. 1271.
An assignee of an unassignable contract can sue in equity on the "contract in his own name, but at law must sue in…
2Cases cited3 opinions
- Walker v. BrooksMassachusetts Supreme Judicial Court · 1878
- Cochran v. CochranCourt of Chancery of Delaware · 1836
- State v. Wilmington Bridge Co.Court of Chancery of Delaware · 1838
3Cited by9 opinions
- Clark v. Teeven Holding Co., Inc.Court of Chancery of Delaware · 1992
- Hughes Tool Company v. Fawcett Publications, Inc.Court of Chancery of Delaware · 1972
- Maull v. StrokesCourt of Chancery of Delaware · 1949
- Theisen v. HoeyCourt of Chancery of Delaware · 1947
- ARTESIAN WATER COMPANY v. LynchCourt of Chancery of Delaware · 1971
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