Colt v. Brown
Massachusetts Supreme Judicial Court
Action of contract by the receivers of the Cochituate Bank upon a bill of exchange and a promissory note. The defendant filed a declaration in set-off, and the case was submitted to the determination of the court upon the following facts: An injunction issued from this court against the Cochituate Bank on the 15th of April 1854, restraining it from paying any uill, deposit or other debt, negotiating, assigning or transferring any security, and transacting any business,…
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Action of contract by the receivers of the Cochituate Bank upon a bill of exchange and a promissory note. The defendant filed a declaration in set-off, and the case was submitted to the determination of the court upon the following facts: An injunction issued from this court against the Cochituate Bank on the 15th of April 1854, restraining it from paying any uill, deposit or other debt, negotiating, assigning or transferring any security, and transacting any business, except receiving payment in cash of any debt falling due. This injunction was continued from time to time, and finally made…
1Opinion of the CourtShaw, C. J.
The first injunction, having been from time to time continued and ultimately made perpetual, had the effect of sequestrating and setting apart the assets of the bank as they stood at that time. The defendant having then bills of the bank, taken in the course of business, to the amount of $1200, this was an equitable set-off,- and the receivers took the assets subject to that equity. To allow any further set-off would be inconsistent with the intent and spirit of the statutes, and would essentially effect a preference in favor of debtors to the bank by enabling them to pay in a depreciated…
2Cases cited1 opinion
- Makepeace v. CoatesMassachusetts Supreme Judicial Court · 1812
3Cited by2 opinions
- Hynes v. Illinois Trust & Savings BankIllinois Supreme Court · 1907
- Hynes v. Illinois Trust & Savings BankAppellate Court of Illinois · 1906