Hale v. Leatherbee
Massachusetts Supreme Judicial Court
Appeal from a decree of the Court of Insolvency, disallowing a claim of the appellee against the estate of Leace W. Eddy, an insolvent debtor, of which the appellant was assignee in insolvency. The case was submitted to the Superior Court upon the following statement of facts.
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Appeal from a decree of the Court of Insolvency, disallowing a claim of the appellee against the estate of Leace W. Eddy, an insolvent debtor, of which the appellant was assignee in insolvency. The case was submitted to the Superior Court upon the following statement of facts. One Nathan Hatch made a promissory note, payable to Leace W. Eddy, or order, who indorsed the same to George S. Hale, the testator of the executrix ; payment thereof was duly demanded at maturity, of Hatch, who neglected to pay the same, and due notice of non-payment was given to Eddy and to his assignee in insolvency.…
1Opinion of the CourtBarker, J.
It is said that there is in equity a rule which requires that a creditor who has two funds for the payment of his debt, must, as against other creditors who have but one, resort first to that fund in which the other creditors have no right, and claim out of the common fund only to the extent that- the fund in which the others have no interest falls short. Story Eq. Jur. § 633. Colt, J., in Merchants' National Bank v. Eastern Railroad, 124 Mass. 518, 524. If a rule, it does not have universal application.
A creditor holding security which, but for his lien would be part of the insolvent’s…
2Cases cited16 opinions
- Merrill v. National Bank of JacksonvilleSupreme Court of the United States · 1899
- Amory v. FrancisMassachusetts Supreme Judicial Court · 1820
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- Third National Bank v. Eastern RailroadMassachusetts Supreme Judicial Court · 1877
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3Cited by10 opinions
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