Lemly v. . Atwood
Supreme Court of North Carolina
The plaintiff obtained a judgment against the defendants, John T. Atwood, Charles Atwood and Mary Atwood, upon which he had an execution issued.
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The plaintiff obtained a judgment against the defendants, John T. Atwood, Charles Atwood and Mary Atwood, upon which he had an execution issued. He then instituted supplementary proceedings against the defendants Robert Gray and H. A. Holder to subject them to the payment of the judgment as being debtors of the said John T. Atwood under the following circumstances: One Jesse W. Atwood was the guardian of the said John T. Atwood, while he was a minor, and as such took from the defendants, Gray and Holder, a bond in these words : u One day after date, we, Robert Gray and H. A. Holder, jointly…
1Opinion of the CourtEeade, J.
The only question is, whether the assignee of a trust fund — in this case a bond — with notice of its character, who takes it for purposes other than the trust, is liable to the cestui que trust who suffers loss. It is settled that he is. Exum v. Bowden, 4 Ire Eq. 281.
Jesse Atwood, guardian of John T. Atwood, held a bond payable to him as guardian on its face. Jesse Atwood died and C. L. Banner administered on his estate, accounted to the estate for the bond, took it as his own, and assigned it to the defendant, in an individual transaction with the defendant; and John T. Atwood, the ward, by…
2Cited by8 opinions
- King v. RichardsonCourt of Appeals for the Fourth Circuit · 1943
- Jarrett v. GreenSupreme Court of North Carolina · 1949
- Dancy v. . DuncanSupreme Court of North Carolina · 1887
- Clark v. . ClarkSupreme Court of North Carolina · 1871
- Lavecchia v. North Carolina Joint Stock Land Bank of DurhamSupreme Court of North Carolina · 1939
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