Jacoby v. Guier
Jacoby v. Guier
Opinion of the Court
delivered the opinion of the Court.
The objection to the set-off is, that the defendant acquired whatever equitable interest he now has in his judgment, after the plaintiff had assigned his interest in his verdicts to his counsel, who, being the real parties in interest, ought not, it is said, to be affected by any act or change of the original parties after the interest had vested under the assignment from the plaintiff. It is certain the equitable, is the substantial interest in a suit; and, as it constitutes the real ownership of the right to be recovered, it will be treated accordingly. It would, therefore, have been immaterial that the defendant all along remained the legal owner of the judgment he had assigned, if the equitable ownership had been entirely divested, and re-acquired after other parties had obtained such an interest in the opposite demand as the law would protect. But was that the case here ? By the assignment of the defendant and his partner, this judgment (which was the defendant’s separate property) passed it is true, not, absolutely, but on particular trusts ; and, consequently, there was a resulting trust to the assignors, which, in such cases, always remains to them according to their respective interests in the property before the assignment. After the particular trusts were either exe- • cuted or withdrawn by the assignors and the trustees, the old interests revested, or rather were revived in the respective parties justas if they had never been out of them, or modified by their acts. In truth, an assignment of this kind, by which the legal interest is unchanged, and only a por.tion of the equitable interest parted with, and that,, too, only for a special purpose, more resembles an assignment for collateral security than a conveyance of the right, and is to be esteemed such only by those who are parties to it; for after the rights of those beneficially interested are withdrawn, it does not lie with third persons to say the property was ever divested. The
Rule absolute.
Reference
- Full Case Name
- Jacoby against Guier
- Cited By
- 1 case
- Status
- Published