Williams v. Bristol Rolling Mill Co.

Citations

• 174 Pa. 299
• 34 A. 442
• 1896 Pa. LEXIS 881

Syllabus

<p>Assignment of personal property for payment of debt — Assignment for creditors — Attachment execution.</p> <p>A rolling mill company, three days before it made an assignment for creditors, transferred to a bank to which it was indebted a large quantity of scrap iron to secure the payment of its indebtedness. The iron was piled upon the premises of the rolling mill company, each variety of the scrap being piled separately. At the time of the transfer, the cashier of the bank went with the officers of the company to each pile of the iron, and not long thereafter caused a large placard to be placed on each pile, announcing to the public “ This property belongs to the Quaker City National Bank.” The cashier also employed a watchman to take charge of the iron for the bank. Two months afterwards the assignee for creditors of the rolling mill company sold the iron with the consent of the bank under an agreement that the right to the proceeds should be determined by the court. Subsequently a creditor of the rolling mill company attached the proceeds in the hands of the assignee. Held, (1) that the title of the bank as between it and the rolling mill company was good at the time of the assignment; (2) that the proceeds of the sale stood as security in the place of the scrap iron, and belonged to the bank.</p>