Belcher v. Hartford Bank
Supreme Court of Connecticut
IN ERROR. This was a bill in chancery. The ease was as follows. Henry Kilbourn and the firm of Kilbourn & Wolcott, of which Henry Kilbourn was one, were the makers of several promissory notes made payable at the Hartford Bank. They were all indorsed by Charles Whiting & Co., for the accommodation of Kilbourn. The plaintiff was a subsequent in-dorser of three of these notes, which amounted to the sum of 3,500 dollars.
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IN ERROR. This was a bill in chancery. The ease was as follows. Henry Kilbourn and the firm of Kilbourn & Wolcott, of which Henry Kilbourn was one, were the makers of several promissory notes made payable at the Hartford Bank. They were all indorsed by Charles Whiting & Co., for the accommodation of Kilbourn. The plaintiff was a subsequent in-dorser of three of these notes, which amounted to the sum of 3,500 dollars. All the notes indorsed by C. Whiting & Co. were the property of the Hartford Bank. Afterwards, Kilbourn mortgaged his interest in certain lands described in the plaintiff’s bill,…
1Opinion of the CourtChurch, J.
There are now certain well settled principles *383of equity applicable to funds appropriated to the security of debts, which, the plaintiff supposes, justify ins claim to tribution in this case.
1. Where a fund is placed in the hands of a creditor, the surety is entitled to the same benefit as against the principal whose debt he has paid, as the creditor had himself. It is the debt which is to be protected, by the fund or security, first in the hands of the creditor, and ultimately in his hands who has paid it. No matter how it may be modified, or what shape it may have assumed, or into whose…
2Cases cited2 opinions
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- Stearns v. BatesSupreme Court of Connecticut · 1878
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