by John Marshall Harlan

“ On the 21st of May, 1879, Ellis made a written assignment to the Ellis Foundry Company, a Massachusetts corporation, of policy 68,429, and all his rights under it, with all moneys payable or which might be payable thereon. That corporation, at the same time, gave a writing to Ellis showing that it received the above policy as collateral security for the payment of a debt due to it from Ellis of $5,540.14 within one year from March 1, 1879, with interest, and of all other sums of money that he might owe that company within four years thereafter. ”

“ The defendant denied that it had collected such proceeds, and, besides controverting the material allegations of the declaration, pleaded in the bar of the action the statute of limitations of two years. ”

“ Out of the proceeds of this policy collected by Avery as administrator of Ellis the foundry company received, December 31, 1879, the sum of $5,901.64, the amount which Ellis, at his death, owed that corporation. ”