Wallace v. Glasgow Investment Co.
Supreme Court of New Hampshire
Foreign Attachment. Issue between the plaintiffs and the claimant. Facts found by the court. June 1, 1891, the defendants received from the Natural Bridge Park Association a deed of land in Virginia on which was a hotel and other buildings, upon certain conditions, one of which was that they should assume, guarantee, and secure by deed of trust of this property the payment of the balance of the purchase money then due to the Natural Bridge Forest Co. In compliance with this…
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Foreign Attachment. Issue between the plaintiffs and the claimant. Facts found by the court. June 1, 1891, the defendants received from the Natural Bridge Park Association a deed of land in Virginia on which was a hotel and other buildings, upon certain conditions, one of which was that they should assume, guarantee, and secure by deed of trust of this property the payment of the balance of the purchase money then due to the Natural Bridge Forest Co. In compliance with this condition, the defendants on that day prepared a deed of this property to Letcher, by the terms of which it was to be…
1Opinion of the CourtWallace, J.
The question to be determined is whether the Insurance money in the hands of the trustee shall be held by the plaintiffs for the satisfaction of their claim against the defendants, or by the claimant for the benefit of the defendants’ bondholders. It is a general rule that in the absence of fraud the attaching creditor has no greater rights against the trustee than the defendant would have in an action brought by him against the trustee; and as the trustee process is an equitable proceeding, the trustee can be. charged for only such sum as the defendant could equitably recover against him.…
2Cases cited2 opinions
- Forist v. BellowsSupreme Court of New Hampshire · 1879
- Carter v. Webster & Winnipiseogee Paper Co.Supreme Court of New Hampshire · 1888