Gaines v. Merchants Bank

The judgment of the court was pronounced by

Kino, J.

Most of the facts upon which this case depends have been admitted by the parties. They are as follows: The United States Bank, incorporated by the State of Pennsylvania, being in insolvent circumstances, made a general assignment, in September, 1841, of all its property, rights and credits, not previously assigned, to certain trustees, with power to sell the same and distribute the proceeds rateably among the creditors of the institution. Among the assets thus assigned was, the ‘-right of the bank to any further dividend that may be declared…