Page:Federal Reporter, 1st Series, Volume 6.djvu/781

 ■SHAINWALD V. LEWIS. TW �been returned unsatisfiedj and the legal remedy thereby showr to have been exhausted. But it is contended that in such cases the equitable assets must be described and indicated ib the bill, or in a supplemental or amended bill, if afterwarde discoTered. �It is also contended that the bill in this case must be oon- ridered precisely as if founded on an ordinary money judg- ment at law, aud that no notice can be taken of the faot established by the original deoree that the demand arose out of a fraud and conspiracy of the grossest kind, and that the respondent has been adjudged a trustee of the funds thus fraudulently obtained and appropriated. Ail jurisdiction to arrest a fraudnlent judgmeiit debtor in the execution of an avowed purpose to transfer, secrete, and make way with bis property, in order to defeat the claim of his judgment cred- iter, is denied, unless the creditor can describe and indicate the secreted property; and, even in that case, (unless the position of cotinsel is misapprehended,) the property so described must be equitable assets which cannot be reached by an execution at law. �But in this state equitable assets can be reached by an execution at law. The aid of equity to reaoh such assets, when known, would not be required, and the jurisdiction of the court to entertain creditors' bills would be limited, if the position of counsel be correct, to bills of the first class above mentioned, viz.: bills filed to remove obstructions or impedi- ments to an execution. �I think it can be shown that the contention of counsel that the equity jurisdiction exercised by the court of chancery in New York was exclusively derived from the Eevised Statutes of that state, is an erroneous view of the origin and f ounda- tion of that jurisdiction. �The point was elaborately considered by the vice-chancellor in Storfn v. Waadell, 2 Sandf. Ch. 510-12. In that case he observes: �"The practice of filing bills in this court by unsatisfied judgiuent and execution creditors, which has become so well eatablished and familiar, is usually referred to the Eevised �v.6,no.8— 49 ��� �