19 S.E. 159 | N.C. | 1894
On 16 February, 1893, William Griffin and others executed to M. Rountree Co., a mortgage whereby they conveyed to the latter, besides other property, the crops to be made during the year 1893 on certain lands therein described, to secure said R. Co. for advances to be made to the mortgagors to enable them to cultivate a crop upon said lands, and also to secure a note for $312.91 due R. Co., from the mortgagors. Subsequently Rountree Co., indorsed the note to the plaintiff as collateral security for certain indebtedness, and thereafter made a general assignment of their property, including accounts due them for advances, to the defendant for the benefit of creditors. After the assignment the Griffins delivered to the defendant Davis, assignee, certain cotton, part of the crops covered by the mortgage, which the said *74 defendant converted into money and the proceeds of which he holds, claiming that he has the right to apply the same in part payment of the account due for advances. The plaintiff, on the contrary, claims that such proceeds should be applied to the credit of the note of $312.91.
His Honor held with the plaintiff, and the defendant appealed.
We are entirely satisfied that the assignee, in respect to this transaction, succeeds only to the rights of M. Rountree Co., his assignors, and that the case is to be determined by the same principles which would be applicable if there had been no assignment. (106) Wallace v. Cohen,
Affirmed.
Cited: Carpenter v. Duke,
(107)