Hurley v. Ashbridge

Citations

• 55 Pa. Super. 523
• 1914 Pa. Super. LEXIS 3

Syllabus

<p>Assignment — Equitable assignment — Executory contract — Lien on future fund.</p> <p>1. Every express executory agreement in writing whereby the contracting party sufficiently indicates an intention to make some particular property or fund therein described or identified a security for a debt or other obligation, or whereby the party promises to convey or assign, or transfer the property as security, creates an equitable lien upon the property so indicated which is enforceable against the property. This rule applies to a fund to be created in the future, and to an agreement which does not contain the usual words of a formal assignment or transfer in prsesenti.</p> <p>2. Where money has been loaned for use in making alterations and improvements to real estate, and notes have been given therefor, and subsequently the creditor agrees to extend the notes in consideration of a written agreement on the part of the debtor that upon the sale of the real estate all of the notes shall become immediately due and be paid out of the proceeds of the sale, the agreement is an equitable assignment of so much of the proceeds of the sale as will be necessary to pay the notes, and the creditor will have a lien upon the fund to enforce the payment.</p>