Bank of U. S. v. Stewart
Court of Appeals of Kentucky
Chancers-. From the Circuit Court eor JeeEerson Countv. A creditor has an equitableright to be substituted to the benefit of any collateral security which the debtor has given to his surety; #- ■where property is conveyed in trust for such pur pose, a creditor, whose debt is pro vided for by the conveyance, tho’ he is no party t* it, may maintain a bill, in his own name have the property applied to the pay- irlid deed of trust edV'mdnh°Sclass ijf cestui que cr^decteTfora…
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Chancers-. From the Circuit Court eor JeeEerson Countv. A creditor has an equitableright to be substituted to the benefit of any collateral security which the debtor has given to his surety; #- ■where property is conveyed in trust for such pur pose, a creditor, whose debt is pro vided for by the conveyance, tho’ he is no party t* it, may maintain a bill, in his own name have the property applied to the pay- irlid deed of trust edV'mdnh°Sclass ijf cestui que cr^decteTfora 'distribution -pari |>,assw is irregtt: A" surety,, who. is indemnified by a deed of trust, buys articles of •the debtor,…
1Opinion of the CourtChief Justice Hobertsos
'On the 1st of May, 1819, William Farquar conveyed property to Edward Tyler, in trust for the indemnity of himself and several other sureties, for distinct and various liabilities. Among these liabilities, was a debt to the Bank of the United States, for which John T. Gray and McClanahan, Field & Co. were the sureties of Farquar. To enforce the deed, the Bank filed a bill in. chancery against all persons interested in the deed. And to reverse the final decree rendered in that case, for sale and distribution, this writ of error is prosecuted.
Although, as the Bank is not a party to the deed,…
2Cited by5 opinions
- Courier-Journal Job-Printing Co. v. Schaefer-Meyer Brewing Co.Court of Appeals for the Sixth Circuit · 1900
- Commonwealth Life Insurance Co. v. CombsCourt of Appeals of Kentucky (pre-1976) · 1933
- McLean v. Lafayette BankU.S. Circuit Court for the District of Ohio · 1846
- Eastman v. FosterMassachusetts Supreme Judicial Court · 1844
- Ragan, Dickey & Ragan v. HigginsCourt of Appeals of Kentucky · 1876