Savage v. Gregg

Citations

• 150 Ill. 161
• 37 N.E. 312

Syllabus

<p>1. Assignment — collection of claim by assignee. A, tbe owner of a claim against a bank, made an agreement with B, an attorney, and one C, by which B was to bring suit against the bank in the name of A for the use of C, and C was to advance money to prosecute the suit and pay costs and expenses. The money was to be collected by B, and after deducting certain expenses and fees, the residiie of the money was to be paid, one-half to A and the other half to 0: Meld, that 0 had a valid, subsisting interest, which he might properly transfer or assign to another, at least in equity, so as to enable the assignee to collect the proceeds of the claim.</p> <p>2. Same — acceptance—exempt from garnishment. Where an entire claim in the hands of an attorney for collection is sold and assigned by a debtor to his creditor, no formal acceptance by the attorney is required in order to pass the debtor’s interest therein and place the same beyond the reach of garnishment by other creditors, and the fact that the claim may not be assignable at law will not prevent the debtor from making an equitable assignment of the same, which may be enforced and protected in a court of law.</p> <p>3. Same — no particular form required. In order to constitute a valid assignment of a debt or other chose in action, in equity, no pariicular form of words is necessary. Any words are sufficient which show an intention of transferring or of appropriating the chose in action to the assignee for a valuable consideration.</p>