Union Trust Co. v. Walker
Union Trust Company v. Walker
Headnotes
Summary
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Opinion
Mr. Cheer Justice Waite delivered the opinion of the court.
This case differs from Union Trust Company v. Souther, ante, p. 591, only in the fact that Walker, the present intervenor and appellee, is the assignee by purchase' from- the original holders of the claims he seeks to have paid, and one of the questions certified is whether, being an assignee and not an original holder, he is entitled to payment. We have ho hesitation in answering this question in the affirmative. As was said in Fosdick v. Schall, 99 U. S. 235, 253 , these creditors are paid not because they have in law a lien on the mortgaged property or the income, but- because in equity the earnings of the company constitute a fund for the payment of the expenses which their claims represént, before any income arises which ought to be applied to the discharge of the mortgage debt. Under such circumstances, it- is a matter of no importance that the original creditor has parted with the claim. The right is one that attaches to the debt and not to the person of the original creditor. Consequently the right passes with an assignment of the debt.
Decree affirmed.
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Cited by 13 cases
View all citing references →- U.S. Supreme Court1
- U.S. Courts of Appeals5
- Historical Federal Courts5
- State Highest Courts1
- State Appellate Courts1
Relies on it most ⓘ
- In re Bennett
- In re Boston and Maine Corporation, Debtor, Appeal of Chesapeake and Ohio Railway Company, in Re Boston and Maine Corporation, Debtor, Appeal of Maine Central Railroad Company, in Re Boston and Maine Corporation, Debtor, Appeal of Penn Central Corporation, in Re Boston and Maine Corporation, Debtor, Appeal of Canadian Pacific, in Re Boston and Maine Corporation, Debtor, Appeal of Eastern Associated Coal Corporation
- In re Boston & Maine Corp.
- Union Trust Co. v. Southern Sawmills & Lumber Co.
- Blair v. St. Louis, H. & K. R. Co.
- Norman & Co. v. Edington
Most recent
- In re Boston and Maine Corporation, Debtor, Appeal of Chesapeake and Ohio Railway Company, in Re Boston and Maine Corporation, Debtor, Appeal of Maine Central Railroad Company, in Re Boston and Maine Corporation, Debtor, Appeal of Penn Central Corporation, in Re Boston and Maine Corporation, Debtor, Appeal of Canadian Pacific, in Re Boston and Maine Corporation, Debtor, Appeal of Eastern Associated Coal Corporation
- In re Boston & Maine Corp.
- Union Trust Co. v. Southern Sawmills & Lumber Co.
- In re Bennett
- Norman & Co. v. Edington
- Carlisle v. Mercantile Trust Co.
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