Warren v. First National Bank of Columbus

Citations

• 149 Ill. 9
• 25 L.R.A. 746

Syllabus

<p>1. Assignment—of part of a debt. While a part of a debt or chose in action is not assignable at law, it may be assigned in equity, and in such case a trust will be created in favor of the equitable assignee of the fund, and will constitute an equitable lien upon it.</p> <p>2. Equity recognizes an interest in the fund, in the nature of equitable property, attained through the assignment, or the order which operates as an assignment, and permits such interest to be enforced by action, even though the debtor or depositary has not assented to the transfer. The same equitable doctrine applies to an equitable assignment of any definite part of the fund or debt. But to perfect the equitable title in the assignee, notice must be given to the drawee or the debtor.</p> <p>3. It is immaterial that the fund upon which the draft or order is drawn is not yet due, or that it is not actually in being, if it exists potentially, for even in that case the order will operate as an equitable assignment of the fund as soon as it is acquired, and will create an interest in it which a court of equity will enforce.</p> <p>4. Corporations— charter and general statutory restrictions on their powers—enforcement of, without Slate of creation. It is the charter of the corporation, alone, which by the law of comity is recognized and enforced in other jurisdictions, and not the general legislation of the State in which the company is formed. The general laws and regulations of a State are intended to govern only within the limits of the State enacting them, and the State can have no power to give them extra-territorial force. Such provisions do not, as a rule, enter into contracts made within the State, if they are to be performed in another jurisdiction.</p> <p>5. It follows, therefore, that when a State statute is enacted for the enforcement of a local policy, only, it will not be presumed that such provision was intended by the State, or by the shareholders forming the corporation, to enter