Melville Fuller

“ The extent of the loss which Seeley and Wood would sustain, if the truth of the representation were denied, would be the money they had paid, and to that, it appears to us, their interest in the judgment must be confined, in the most favorable view that can be taken of the position they occupied. And, upon the whole, as Baker put it in the power of Hulburd to act as he did, that result probably best accords with the equities of the cause. The assignments should be canceled, and Wood and Seeley's administrator decreed to account for the amounts received, less the amount paid, with interest. ”

“ But in respect of the assignment of choses in action, not negotiable, the assignee takes subject to the equities between the debtor and the original creditor subsisting at the time of the assignment, or when notice is received thereof. Where, however, equities between the original assignor and a subsequent assignee, or entirely in favor of third persons, are involved, and the unconditional power of disposition has been intrusted by such assignor to his assignee, the principle of estoppel applies in favor of purchasers in good faith and without notice. ”

“ When, therefore, the attorney of record entertained, as his client's assignee, the offer of such a sum, the law imposed upon the proposed purchasers the burden of inquiry, and their conduct is to be tested accordingly.
Without attempting to recapitulate the evidence, a brief reference will suffice to indicate the grounds for the conclusion at which we have arrived. Seeley testified that Hulburd had previously offered him the judgment for 50 or 60 cents on the dollar; that he so informed Wood, and Wood suggested its purchase, but he told Wood that Hulburd talked too much ”