Dime Savings & Banking Co. v. O'Rourke

Citations

• 33 Ohio C.C. Dec. 362
• 21 Ohio C.C. (n.s.) 370

Syllabus

<p>PAYMENTS</p> <p>1. Creditor has Right to Apply Involuntary Payments.</p> <p>Creditors have the same right to apply involuntary payments that they have to apply voluntary payments when the debtor makes no designation as to method of application.</p> <p>2. Assignment of Securities Generally does not Deprive Creditor of Right of Application.</p> <p>The mere fact that securities had been assigned to a creditor as “security generally for any indebtedness that might be owing to it,” does not mfean that any sum realized from those securities must be applied pro rata to reduce the various claims but it may apply such sums as it sees fit.</p>