Law Commons^™

Bills And Notes - Bills Of Exchange - Assignment

Michigan Law Review

Under an agreement with the intervener that the intervener would "finance" his purchases of stock, the defendant shipped stock to the garnishee, drawing on the garnishee in advance for the purchase price, the intervener being named as payee. With knowledge of the drawing of the draft, the garnishee received and sold the stock, but was thereafter served with summons in this garnishment suit before acceptance or payment of the bill. Held, that the intervener is entitled as equitable assignee to the amount of the draft as against the plaintiff. Baird v. Simonstad, (Minn. 1934) 258 N. W. 570.