Phillips's Estate

Citations

• 205 Pa. 515
• 55 A. 213

Syllabus

<p>Equitable assignment — Assignments— Successive assignments — Notice— Priority.</p> <p>If an assignee of a chose in action fails to give notice to the person holding the fund assigned to him, a subsequent assignee without notice of the former assignment will upon giving notice of his assignment acquire priority. By such notice the legal holders are converted into trustees for the new assignee, and are charged with the responsibility towards him and the assignor is deprived of the power of carrying the same security repeatedly into the market, and of inducing third persons to advance money upon it under the erroneous belief that it continues to belong to him absolutely, and that the trustees are still trustees for him, and no one else.</p>