Assets Realization Co. v. City of Buffalo
Appellate Division of the Supreme Court of the State of New York
Appeal by the defendant, The City of Buffalo, from a judgment of the Supreme Court in favor of the plaintiff, entered in the office of the clerk of the county of Erie on the 15th day of November, 1906, upon the decision .of the court, rendered after a trial at the Erie Special Term, sustaining the plaintiff’s demurrer to the defendant’s answer.
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Appeal by the defendant, The City of Buffalo, from a judgment of the Supreme Court in favor of the plaintiff, entered in the office of the clerk of the county of Erie on the 15th day of November, 1906, upon the decision .of the court, rendered after a trial at the Erie Special Term, sustaining the plaintiff’s demurrer to the defendant’s answer. It appears from the plaintiff’s complaint that the German Bank of Buffalo was the owner of certain premises situate in that city from about September 24, 1902, until on or about the 1st day of August, 1903, when it sold the saíne, reserving to itself,…
1Opinion of the Court
Kruse, J.:
We agree to the general proposition that claims or demands sought to be set off must not only be mutual to the extent that they are owing by each to the other, but must also be due and payable. But this rule is not without its exceptions. And one of the. exceptions is that where an insolvent makes an assignment owing a debt • due at the time of the assignment, and also holding a claim not then due against the creditor whom he so owes, the creditor may offset his claim against the claim held by the assignee of the insolvent. In such a case the rule of equitable set-off may be…
2Cases cited1 opinion
- In Re the General Assignment of HatchNew York Court of Appeals · 1898
3Cited by4 opinions
- Oppenheimer v. Carabaya Rubber & Navigation Co.Appellate Division of the Supreme Court of the State of New York · 1911
- In re the Peoples Surety Co.Appellate Division of the Supreme Court of the State of New York · 1919
- In re Peoples Surety Co.Appellate Division of the Supreme Court of the State of New York · 1919
- In re Peoples Surety Co.Appellate Division of the Supreme Court of the State of New York · 1919