Merchants' National Bank v. Paine
Supreme Court of Rhode Island
Bill in Equity to establish a claim to equitable assets. On demurrer to the bill. The facts are succinctly stated in the opinion of the court. James Tillinghast in support of the demurrer.
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Bill in Equity to establish a claim to equitable assets. On demurrer to the bill. The facts are succinctly stated in the opinion of the court. James Tillinghast in support of the demurrer. The general principle is too well settled to require citation of authority, and is understood to be conceded by the complainant, that ordinarily a legal creditor coming into equity, to reach equitable assets of his debtor, must allege and show a judgment at law with execution returned nulla bona and unsatisfied. In other words, he must show that he has entirely exhausted his remedy at law. Smith v. Millett,…
1Opinion of the CourtDurfee, C. J.
The bill alleges that Walter Paine, 3d, one of the defendants, is indebted to the complainant by promissory note in the sum of five thousand dollars and interest, and seeks to obtain payment thereof out of certain equitable interests, which came to him under the will of his father, and which he is alleged to have conveyed to one of his co-defendants for the purpose of defeating the claims of the complainant. The bill also alleges that between the making and maturity of the note said Paine absconded, so that he cannot be found either in this State or in Massachusetts, the State of his…
2Cases cited14 opinions
- Russell v. Clark's ExecutorsSupreme Court of the United States · 1812
- Pendleton v. PerkinsSupreme Court of Missouri · 1872
- Thompson v. BrownNew York Court of Chancery · 1820
- M'Dermutt v. StrongNew York Court of Chancery · 1820
- O'Brien v. CoulterIndiana Supreme Court · 1831
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