Page:United States Reports, Volume 2.djvu/72

 66 Cases ruled and ajdudged in the I rygo the adminilirator of an intcllate, applies, with equal force, VY• againlt the allignees of a bankrupt; who can only claim in the fame manner, that the bankrupt might have claimed. Price - might have ufed Pollarefr name to recover upon thc bonds be- fore the bankruptcy; and, if his property can be fairly afcer- tained, he maydo fo {till. It is true, that where a man pur- ehafes without notice of a tru(I:,_ his purchafe {hall be held dif- charged from it : but the Supreme Court has decided in M‘Cul- laugh vrrjw Haq/lon, that notes’or bonds are taken by the allignee fubjeé]: to the fame equity, as the allignor. r. Dall. Rq. And, although there is no court of chancery in Pmq[yI·uuni¤, equity makes a part of the law or the State, according to which the judges will decide, in order to prevent a failure ofjullice. t. Dull. Rep. arg, 2x4. The court having held the caufe for fometime under advife- · ment, the Prfdent delivered their opinion as follows. Smrreu, Pr¢dmt.—'l`he four queltions, iitlt in the order of llatement in the cafe fubmitted to the opinion of the coutt,' having been candidly given up by the counfel for the defendant, it only remains to conlider the fifth point; which involves an enquiry, whether by the bankrupt’s felling the goods as the plaintilFs faftor, but taking a bond for the money in his own name, the nature of the original demand is not fo altered, that ` it {hall attach to the general mafs of the bankrupt’s property, and be held by his allignees in exclulion of the plaintil}"s claim? In other words, whether the plaintiff retains fuch a legal or equitable right to the bond, or to the money ariling from it, as will enable him to maintain an aétion againll the allignees, if they have received the amount? The Lcgillature in adopting, not only the general fpirit, but frequently the very words of the bankrupt law of England, have wifcly favcd the expence and trouble of fettling many queiiions, which might, otherwile, have occurred for litiga- . tron. · payable on the promillory nr tes;that foon afterwards M‘Cartg·, the plaintill, came to America to lcttle the affairs of the company, and demanded the amount of the inoucy received hy Mem upon the promilfory notes; but that 1Wxm refufed to pay it over, contending, that as admiuilirator he was bound to difchargc the debts ol`Cum. ming: according to a legal prioriry; and that if he complied with _ JlP(..arrqy's demand, he would be liable as for a devaslavit lhould debts of a higher nature appear. Tue Couar, however, held, that the {iirviviug partner, being relponlible for all the company debts, was entitled to rccoverhll the company credits;and that [Warm mult be conlidercd as having received the money in trull for him. The 21;: pnzcnple is recognized in Wallace versa.: Hrnimnrour. r. Dall. { • 24 •

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