UNION TRUST COMPANY
v.
WALKER

U.S. | 1882-10-01
107 U.S. 596 Supreme Court of the United States (1882) Positive Treatment
Also reported at: 27 L. Ed. 490 · 2 S. Ct. 299 · 1882 U.S. LEXIS 1253 · SCDB 1882-150
Cited by 13 cases

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Synopsis

Union Trust Company sought payment of claims against a railroad company, and Walker, who had purchased these claims by assignment from the original creditors, sought to be paid from the company's earnings. The Supreme Court held that an assignee of such claims has the same right to payment as the original creditor, because the right attaches to the debt itself rather than to the person of the original creditor, and therefore passes with an assignment of the debt.

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Opinion of the Court
Mr. Cheer Justice Waite

Mr. Cheer Justice Waite delivered the opinion of the court.

This case differs from Union Trust Company v. Souther, ante, p. 591, only in the fact that Walker, the present intervenor and appellee, is the assignee by purchase' from-the original holders of the claims he seeks to have paid, and one of the questions certified is whether, being an assignee and not an original holder, he is entitled to payment. We have ho hesitation in answering this question in the affirmative. As was said in Fosdick v. Schall, 99 U. S. 235, 253, these creditors are paid not because they have in law a lien on the mortgaged property or the income, but-because in equity the earnings of the company constitute a fund for the payment of the expenses which their claims represént, before any income arises which ought to be applied to the discharge of the mortgage debt. Under such circumstances, it-is a matter of no importance that the original creditor has parted with the claim. The right is one that attaches to the debt and not to the person of the original creditor. Consequently the right passes with an assignment of the debt.

Decree affirmed.

Cases With Similar Vibessemantic neighbors from the corpus

Citator

Cited By

  • Burnham and Another v. Bowen, 111 U.S. 776 (U.S. 1884)
    …vember 1, 1876, which was after the decree of strict foreclosure was entered. Lastly, it is claimed that the appellee is barred by his laches, and because he is the assignee of the original creditor. It was decided in Union Trust Company v. Walker, 107 U. S. 596, that the assignment of a claim of this kind carried with it the right of the original holder to claim payment out of the fund upon which it is charged. When the receiver was appointed the debt was evidenced by business paper maturing at a future da…
  • Morgan's La. & Tex. R.R. & S.S. Co. v. Tex. Cent. Ry. Co., 137 U.S. 171 (U.S. 1890)
  • Shropshire v. Bush, 204 U.S. 186 (U.S. 1907)

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