Rodd v. Kamen Products Co.

The assignment delivered to plaintiff was void. (Manhattan Commercial Co. v. Paul, 216 N. Y. 481; Martin v. National Sur. Co., 300 U. S. 588; McKenzie v. Irving Trust Co., 292 N. Y. 347.) It was not executed in accordance with Federal law. (U. S. Code, tit. 31, § 203, U. S. Rev. Stat., § 3477.) No warrant for payment had issued and payment thereunder had not been made. The United States was a creditor of the corporation. The assignment had no present value and, therefore, could not work a dis*856charge of the notes. (Wise v. Chase, 44 N. Y. 337, 340.) At best it was a conditional payment of the…