Third Nat. Bank v. Atlantic City

Citations

• 126 F. 413
• 1903 U.S. App. LEXIS 5173

Syllabus

<p>1. Equitable Assignments — Priority—Notice to Debtor.</p> <p>Orders given by a contractor for tbe payment of money due or to become due under his contract constitute equitable assignments of the fund, pro tanto, where given for a valuable consideration; and the right of priority as between different assignees depends upon the date of the notice given by the assignee to the debtor, and not upon the date of the orders, such notice being essential to perfect the claim of the assignee against the debtor.</p> <p>3. Same — What Constitutes Notice.</p> <p>A contractor for a city building made an order requesting the city comptroller to issue a warrant in favor of a bank, to be charged to his account, which he presented to the comptroller, who accepted it conditionally by an indorsement thereon. The contractor subsequently delivered such order to the bank, which advanced him money thereon. Held, that the presentation of the order to the comptroller by the contractor was not notice to the city of an equitable assignment of money due or to become due the contractor, since it had not at that time become effective, but that the date of the claim, as fixing its priority with respect to other assignees, was the date upon which notice was given to the comptroller by the bank of its ownership of the order.</p> <p>8. Mechanics’ Liens — Notice to Owner of Claim — New Jersey Statute.</p> <p>Under the New Jersey statute, the mere filing with the financial officer of a city of a claim for materials furnished to a contractor for a city building creates no lien upon the' money which may be due the contractor, and such officer is not thereby justified in withholding payment of tbé same longer iban tbe 90 days given the claimant within which to commence suit, and give notice thereof to the city.</p> <p>11. See Assignments, vol. 4, Cent. Dig. §§ 102, 149, 150.</p> <p>4. Execution — Levy on Fund — Lien Acquired.</p> <p>A levy of execution on the interest of the judgment debtor in money due