Beach v. Bestor

Citations

• 45 Ill. 341

Syllabus

<p>1. Creditors’ bile—to reach trust funds—interpretation of a particular assignment for the benefit of creditors. M. brought suit against a railroad company upon a certain claim, and in February, 1857, pending the action, assigned it to P., who agreed to prosecute it to a recovery, and among other things apply the proceeds to the payment of certain debts against M._, among which was one owing to one Bestor. In May, 1857, Bestor reduced his claim to judgment; and in October, 1858, judgment was rendered upon M.’s demand in his favor, and by another arrangement with P., in November following, M. assigned this judgment absolutely to P. & B., upon what they claimed to be a full and fair consideration, but without Bestor’s consent, which judgment was subsequently secured by the deposit of funds for its payment, through the action of certain other creditors of the company. Bestor now brings suit as a judgment creditor of M., to compel satisfaction of his claim out of this fund, by reason of the first assignment. Held, that the claim of Bestor was embraced in the first assignment, which provided for the payment of such indebtedness as should be found owing from M. to the persons therein named, by reason of work done for, or money loaned to, him; Bestor having loaned him certain negotiable securities upon which to raise money, and with which he procured it, which was equivalent to a money loan.</p> <p>2. When bill can be filed before execution. And in such case it was not necessary to have execution returned nulla bona, before Bestor could ask the aid of a court of equity to enforce the satisfaction of his judgment against this fund.</p> <p>3. Former decisions—The cases of Miller v. Davidson, 3 Gilm. 518; Greenwag v. Thomas, 14 Ill. 271, and Weightman v. Hatch, 17 id. 281, cited and referred to in support of this principle.</p> <p>4. The proceeds arising out of this judgment having been expressly appropriated to the payment of Bestor’s debt with others, and so received by P