Sheldon v. Russell
Sheldon v. Russell
Opinion of the Court
Frank B. Sheldon, as receiver of the State Bank of Johnson, Nebraska, brought this suit in equity in the district court of Nemaha county alleging in his petition, in substance, that Russell & Holmes, copartners, were indebted to the bank of which he was receiver; that said indebtedness had been reduced to judgment, execution issued and return unsatisfied; that the judgment remained wholly unpaid, and that Both Russell and Holmes were insolvent. The petition then alleged that on a certain date Russell & Holmes became the owners of a paid-up life insurance policy for $5,000, which had been issued to one Hickman, and at the same time became the owners
The district court foxxnd that Hickman was largely indebted at one time to Russell & Holmes, as an evidence of which he executed to .them the notes xnentioned by the receiver in his petition, axxd to secxxre the payment of these xiotes he assigned them the insuraxxce policy in controversy; that Russell & Holmes subsequently became largely indebted to the Bank of Auburn, as evidence of which they executed to said bank their notes, and to secure their payment Russell & Holmes assigned to that bank the Hickman notes, together with the insuraixce policy which secured their payment; and that Russell & Holxxxes were also largely indebted to the First National Bank of Lincoln, and to secure the payment of that debt they made another assignment of this insurance policy. From these fixxdings the court decreed that Hickman had the legal title to the insurance
Affirmed.
Reference
- Full Case Name
- Frank B. Sheldon, Receiver v. James D. Russell
- Status
- Published