Scott v. Metcalf

Citations

• 21 Miss. 563

Syllabus

<p>An assignment “ of the money due upon a note,” is not such an assignment of the note itself as to vest the assignee with a legal title to the note, so as to enable him to sue upon it at law in his own name; but the'perfect legal title remains in the assignor, who may prosecute a suit in his own name against the maker.</p> <p>Therefore, in an action on a note by the payee against the maker, the plea, that since the commencement of suit the payee had assigned to a third person “ the money due upon the note sued on, so that the plaintiff had no right, title, claim, or interest in, or to the money due, on the notes, would be bad on demurrer.</p> <p>Yet it seems that if the assignment had been by indorsement of the note itself, a plea to that effect would be a good bar to the action; for such indorsement would transfer the legal title, which the plaintiff must have as well at the trial as at the commencement of the suit.</p> <p>The assignor of the money due on a note, holds towards the assignee a trust relation, by which the former, with a perfect legal title, is to collect the' money for the latter ; yet if the latter is doubtful of the faithful execution of the trust by the former, he may, by bill in equity, compel a direct payment by the maker of the note to him.</p>