Illinois Cent. R. v. First Nat. Bank

Citations

• 110 Miss. 676
• 70 So. 831

Syllabus

<p>Set-off and Counterclaims. Rights of assignee. Statute.</p> <p>Under our anti-commercial statute, Code 1906, section 4001, providing that all notes and other writings for the payment of money or other thing may be assigned by indorsement, and the assignee may maintain such action thereon in his own name as the assignor might have maintained and that in all actions on such writings defendant shall be allowed the benefit of all set-offs had against them previous to notice of assignment, where plaintiff railroad, in course of purchasing lumber under contract which required the seller to pay the freight to points on its line, had paid freight charges for the seller amounting to one thousand eight hundred and ninety-four dollars, and which owed the seller the purchase price of lumber amounting to two thousand nine hundred dollars; in such case the railroad, as against a bank standing in the position of an assignee of the invoices, after the seller’s bankruptcy was entitled to set off. such freight advances against the invoices since the bank at all times stood in the shoes of the seller.</p>