Kentucky Flour Company's Assignee v. Merchants' National Bank
Court of Appeals of Kentucky
Case 37 — PETITION EQUITY APPEAL PROM LOUISVILLE LAW AND EQUITY COURT. Where a hank has unmatured claims against a depositor at the time he makes an assignment for the benefit of creditors, it can not apply the deposits to tlie payment of its claims to the exclusion of other creditors; and especially is this true where the deposit was made on the day of the assignment.
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Case 37 — PETITION EQUITY APPEAL PROM LOUISVILLE LAW AND EQUITY COURT. Where a hank has unmatured claims against a depositor at the time he makes an assignment for the benefit of creditors, it can not apply the deposits to tlie payment of its claims to the exclusion of other creditors; and especially is this true where the deposit was made on the day of the assignment. (Chenault v. Bush, 84 Ky., 529; Graham v..Tilford, &c., 1 Met., 119; Bgckwith v. Union Bank, 5 Seld., 211; Jordan v. Bank, 74 N. Y., 468; Armstrong v. Scott, 36 Fed. Rep., 63; Snyder v. Armstrong, 37 Fed. Rep., 18; Chipman v.…
1Opinion of the Court
JUDGE HOLT
delivered the opinion oe the court.
The Kentucky Flour Company, on June 15, 1888, made a general assignment for the benefit of its creditors. Among them was the appellee, the Merchants’ *226National Bank, to the amount of nearly thirty thousand dollars. It had in its hands at the time, arising from cash deposits made by the Flour Company on and before the day of the assignment, and from commercial paper left by it with the bank for collection, three thousand four hundred and thirty-three dollars and seventy-nine cents, and the assignee sues to recover this sum. The bank claims the right…
2Cases cited3 opinions
- Jordan v. . National Shoe and Leather BankNew York Court of Appeals · 1878
- Beckwith v. . the Union Bank of New-YorkNew York Court of Appeals · 1853
- Chenault v. BushCourt of Appeals of Kentucky · 1886
3Cited by16 opinions
- Hodgin v. Peoples' National BankSupreme Court of North Carolina · 1899
- St. Paul & M. Trust Co. v. LeckSupreme Court of Minnesota · 1894
- Thomas v. Exchange BankSupreme Court of Iowa · 1896
- Sullivan v. Merchants National BankSupreme Court of Connecticut · 1928
- Thompson v. Union Trust Co.Michigan Supreme Court · 1902
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