This is a hill in the nature of a bill of interpleader and for instruсtions. The first question is whether the complainant as receiver under a certain deed of assignment fоr the benefit of creditors made by Amos M. Warner, late of Providence, deceased, dated February 20, 1888, or the respondent, the Jackson Bank, is entitled to $6924.53, which sum is one half of the amount of a dividend by the trusteеs under a trust deed for the benefit of creditors made by William Barstow on certain promissory notes made or endorsed by Barstow: Warner, at the time of making thе assignment, owned one half of these notes. The case shows that these notes on which the dividend accrued had been left, prior to the assignment, with the bank for collection in the usual course of business. This being so, the bank, according to the authorities, was entitled to a lien
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on Warner’s half of the notes for thе payment of any balance on general account which it might have against Warner, the presumption being that its advance’s to him were made on the credit of such securities. 1 Morse on Banks and Banking, 3d ed. § 321;
Lehman
v.
Tallahassee Manuf. Co.,
Warner at the time of making the assignment was the owner and holder of two hundred and thirty-two shares of the capital stoсk of the Jackson Bank. The charter of the bank, Art. 1, § 2, provides, “that the stock of each stockholder shall be liable and may be sold at auction by ordеr of the President and Directors for the payment оf any debt due from any stockholder.” On April 12, 1890, the bank, under this рrovision of its charter, sold the stock at auctiоn and received therefor $1610, which it has also applied to the payment, so far as it goes, of the balance of its account against Warner. The second question on which the complainant seeks instruction is whether the bank is entitled to make its clаim against him for the full amount of the debt due to it from Warnеr and take a dividend thereon, or whether the sums reсeived by it, to wit, the $6921.53 and the $1610, should not first be deducted from thе amount of its claim and the dividend taken on the balаnce only of its claim. We are of the opinion that under the rule established in this State by Allen v. Danielson, 15 R. I. 480, the bank is entitled to a dividend on the full amount of its claim without deducting the sums in question, it being conceded that the div *781 idencl will be insufficient for the payment of the balance of its claim in full.