Page:Federal Reporter, 1st Series, Volume 8.djvu/120

 106 PEDEBAL EBPOBTEB. �Geeman Savings Institution v. Adab and others. {Circuit Court, E. D. Missouri. March 29, 1880.) �1. Efpbct of Check as Bbtwekn IDbawbr and Payee— Equitable Assignment. �A check or draf t drawn upon a fund more than sufflcient to pay it, operates as an equitable assignment of the amount therein specifled, aa betweea the drawer and payee. �2. Pbinoipal Mat Kkcovbk His Pbopbrtt fkom Agent. �Aprinclpal mayfollowliis property into the handsof his agent, or his agent's assignee, and recover it, or its proceeds. �3. Samb — Assignee. �An assignes for genera] creditors can assert no daim not good in the hands of his assignor. �4. Check — Equitahm! Assiqnment— Assignee — Bili. of Intbrpleadee. �A. collected $1,072 for B., and sent B. a check therefor on C, a bank, on the sixteenth day of the month, and charged himself with said amount in his ac- count with C. On that day and on the 18th following, A. had on deposit with C. more than sufflcient money to meet the check. On the ISth, A. made an assign- ment, for the beneflt of his creditors, to E- and F., Who immediately accepted the trust. On the 19th, C. received notice of the assignment. On the same day B. received the «check and presented it to C. after ithad received said notice. Payment was refused. Thereafter C, by bill of imterpleader, asked the de- cision of the court as to the disposition of the fund. E. and P. claimed it all. B. claimed amount called for by his check. Hdd, that as between A. and B. the check operated as an equitable assignment, and that the amount thereof should flrst be paid to B. out of the fund, and the balance, after payment of cpsts, should go to the assignees. �5. Same. �Hdd, also, that if the court had not considered the check an equitable assign- ment of the fund, it would have made the same decree on the ground that A. held the fund for B. as the proceeds of a collection made as B.'s agent. �In Equity. Bill of interpleader. �The facts of the 'Case are sufficiently stated in the opinion, except that the character of the instrument 'roferred to therein as a "bill of exchange, (or check,)" is left Bomewhat indefinite. Said instrument is in words and figures as f ollows : �No. 37,230. Geeman Savings Institution, } �Cincinnati, December 16, 1878. f $1,072. �" Pay to the order of H. L. Newman & Ce, ten hundred and seventy-two dollars, in currency. �" To fferman Savings Institution, St. Louis, Mo. �«C. F. Adae&Co. "M. M. Adae." Finkelnhurg & Rassieur, for complainant. Noble e Orrick, for defendants. ��� �