Rock Island Plow Co. v. State Bank of Boscobel
Rock Island Plow Co. v. State Bank of Boscobel
Opinion of the Court
Tbe appellants began this action against tbe bank setting forth in substance tbe following: Plaintiffs were creditors of a partnership known as Henderson & Brainerd, and tbe latter on December 7, 1908, sold, assigned, and delivered to tbe plaintiffs all their notes, accounts, and credits for the purpose of securing plaintiffs on notes, accounts, etc., held by plaintiffs against Plenderson & Brainerd in tbe amounts set forth in tbe assignment. This assignment was made subject to tbe payment of a claim owing by Henderson & Brainerd to tbe bank, and tbe bank has possession of all tbe assigned notes, accounts, and credits except such as it has col
The bank answered averring, among other things, that prior to and since the assignment to plaintiffs the firm of Henderson ■& Brainerd made several assignments of the notes, accounts, .and credits held by the bank. One of these on November 16, 1908, to the Automatic Oarrier Company of Juneau, Wisconsin, to secure an indebtedness of $196; one on November 21, 1908, to Howe & G-ilman to secure and pay the following claims: W. A. Patterson Company, $194.65; Gale Manufacturing Company, $6.05; B. Herschel Manufacturing Company, $44.43; W. W. Gilman■, $19. It was further averred that after the assignment to the plaintiffs and about December 7, 1908, the plaintiffs acting through their attorney, J. J. Blaine, and other creditors acting through their attorneys, Howe & Gilman, entered into an agreement to the effect that after the payment of the claim of the bank, that of the Automatic Carrier Company, and that of W. A. Patterson Company, all other claimants to whom assignments of such notes, credits, etc., had been made or would thereafter be made should prorate in all collections that might be made by the bank, and that the notes, etc., should remain in the possession •of the bank for collection. Thereafter the following assign
Tbe plaintiffs made proof of tbe assignment to them and of tbe prior assignments and of tbe securities on band and those collected, and upon cross-examination of plaintiffs’ witness tbe defendant, over objection, was allowed to show tbe assignments subsequent to December 7, 1908, set forth in tbe answer. Tbe defendant offered evidence tending to. show tbat tbe attorney for tbe plaintiffs wbo procured tbe assignment to them agreed with Mr, Gilman and Mr. Howe, attorneys wbo represented other creditors bolding assignments of these notes made prior to December 7, 1908, tbat except as to tbe Patterson Company claim the’ creditors of Henderson & Brainerd should prorate in the proceeds of these securities, and tbat it was agreed tbat other claims against Henderson & Brainerd which might thereafter come in should prorate with those wbo then bad assignments; tbat tbe claim of tbe W. A. Patterson Company and tbat of tbe bank and one other claim should be
It is quite evident that if a man assign his property upon condition that it shall be prorated among all his creditors, that act is a sufficient consideration for the promise of the assignee to hold the property as security for the claims of himself and other creditors of the assignor. No rebutting evidence was offered and no further hearing had. At the close of the evidence the attorney for plaintiffs declared that he had no rebutting testimony and would not offer any. The court then,, without deciding the case on the testimony before it, ordered all the parties who had assignments of these credits and who were not then parties to the action to be brought in as parties defendant. They came in and answered substantially the same as the bank had answered. Seven months then elapsed and nothing was done, although a motion was made by the plaintiffs and never brought to hearing, and the plaintiffs noticed the ease for trial but never brought it to trial, whereupon the circuit court made and filed its findings and judgment, which required all of the remaining creditors to pro
By the Court. — Judgment affirmed.
Reference
- Full Case Name
- Rock Island Plow Company and others v. State Bank of Boscobel and others
- Status
- Published