Early v. Town of Redwood City

Citations

• 57 Cal. 193

Syllabus

<p>Assignment—Construction oe Contract.—An assignment was made by C. of all his interest in Redwood City water-works bonds, except so much as would suffice to pay a debt of C. to P., for which (as recited in the assignment) said bonds were held as collateral security; and P. was directed to transfer all of the interest of C. to the assignee. At the date of the assignment, C. owned $20,000 of said bonds, and was entitled to receive $3,103.83 more, when he should complete certain work then in progress; all of said bonds being in possession of P. The said work was afterwards completed. Held, that the right to the $3,103,83 of bonds passed under the assignment to the assignee.</p> <p>Attachment—Garnishment. — Upon said facts, prior to the completion of said work, the interest of G. in said $3,103.83 of bonds was not liable to attachment. To attach tangible property, or garnishee a credit, it is essential that the property or credit exist.</p>