Barber v. Spencer
New York Court of Chancery
This was an application,'by the defendant Ward,->ahd'the ;?-'Spencers,'td 'dissól've an injunction, restraining the cbllection of a júdgtoént against' the complainant; which judgment was - held by Ward, as the assignee of the Spencers, under a general assignment for the benefit of creditors.
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This was an application,'by the defendant Ward,->ahd'the ;?-'Spencers,'td 'dissól've an injunction, restraining the cbllection of a júdgtoént against' the complainant; which judgment was - held by Ward, as the assignee of the Spencers, under a general assignment for the benefit of creditors. The Spencers were insolvent, and the principal object of-the bill was to have a judgment, recovered by the complainant and S. Worden, against the Spen-cers, offset against the judgment recovered by them against the complainant.
1Opinion of the Court
The Chancellor.
The right of set-off, upon a summary application to a court of law or equity, exists only in cases where the debts on both sides are liquidated by judgment or decree, before the assignment of either to a third person. But the court-of chancery, upon a bill filed, may allow a set-off, where the equitable right to such set-off existed before such assignment to a third person; although neither of the demands had at that time been liquidated, by judgment or decree.
Here, the judgments recovered against the Spencers, by the Cayuga County Bank, were the property of the complainant as…
2Cited by7 opinions
- Russel v. ConwayCalifornia Supreme Court · 1858
- Cavalli v. . AllenNew York Court of Appeals · 1874
- In re Van AllenNew York Supreme Court · 1861
- Brown v. HendricksonSupreme Court of New Jersey · 1877
- Anglo-American Provision Co. v. Davis Provision Co.U.S. Circuit Court for the District of Southern New York · 1902
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