Edward Douglass White

“ It is far from clear from the record whether these asserted debts have not really been paid or secured, but, if they have not, the stipulation of the contract which forbade the return of the bonds was for the benefit of Walker & Co., not for that of all the creditors of Lloyd & Co. Having dedicated the bonds belonging to him to the payment of the debt, Brown cannot be heard to make an exception in favor of claims held by himself, if any such then existed or thereafter arose, so as to destroy the security created by him in favor of Walker & Co., and upon the faith of which they contracted. ”

“ To dedicate property to a particular purpose, to provide that a specified creditor, and that creditor alone, shall be authorized to seek payment of his debt from the property or its value, is unmistakably to create an equitable lien. ”

“ Resorting to these means, the purpose of the parties to create a lien upon the bonds or their value is clearly manifest. At the time the contract was entered into, the bonds were held as collateral security for a loan obtained by Lloyd to pay off a debt, for which Brown was bound, contracted for the purchase price of merchandise. The proof conclusively sustains the averments of the answer that the bonds had been given by Brown, not for the general purpose of the business of Lloyd & Co., but exclusively to enable that firm to pay this particular debt. ”