Page:Federal Reporter, 1st Series, Volume 2.djvu/840

 FIRST NAT. BANK OF ST. JOHNSBOKY V, P. & 0, E. CO. 833 �ments made pursuant to the waiver were expected by ail to be, and were, as binding as if the condition had not been varied, and this ougbt especially to be so as to the defend- ant, when the assurances accepted by its directors accom- plished ail that the guaranty sought was to insure. �A question is made about the chargeability of the trustees beeause they are receivers running a railroad Connecting with the defendant's road, and the effects in their hands belonging to the defendant consist of money received by them as such receivers in the course of the operation of the roads in con- nection with each other for freights due the defendant col- lected by the trustees. It is argued that these funds can only be reached through the interposition of the court which appointed the receivers. These funds are not earned by the property of the receivership. They are the earnings of the defendant, and are attachable by this process, apparently. If there is anything about the position of the receivers with respect to the court which appointed them that requires any protection to be afiforded in order to protect the rights of those for whom the receivers were appointed, that court must afford the protection. The receivers do not set up any claim that this debt cannot be holden by this process; neither do they show that any other person is such a claimant of the f und that he ought to be made a party to the proceedings to assert his right. For anything that appears the money is the prop- erty of the defendant in the hands of these persons, who are also receivers of other property, and beeause they are such receivers happen to be in position to receive this, not as a part of the trust property of which they are appointed to take charge, but beeause it was entrusted to them by the de- fendant. As such it is liable to this process by the statute of Vermont. The amount so received is, as appears by the disclosure, $2,865.26. �There must be judgment for the plaintiff for the amount of the note, which is $26,904.55, and the trustees are adjudged ohargeable on the disclosure for the sum of $2,865.26, men- tioned therein. �T.2,no.l0— 53 ����