Assignee

Definition and stakes

Supreme Court of the United States,  United States Reports, Volume 1 {1 Dall… (1790)

“ That the intention of the act must wholly fail, it assignee is only to stand in the place of assignor, and his recovery made to depend on circumstances and proofs, which, in the nature of things, are not in his power. That to say the assignee must make inquiry before he meddles with the bond, is begging the question. ”
Source: Wikisource

Supreme Court of the United States,  United States Reports, Volume 1 {1 Dall… (1790)

“ It has been said, that it is obligor’s fault not to have the payment indorsed on the bond: but it is not in his power, for the money must be paid before he is entitled to a receipt; and then, if the obligee is a bad man, he may refuse to indorse it.
We are, therefore, clearly of opinion, that an assignee takes the bond at his own peril; and that he stands in the same place as the obligee, so as to let in every defalcation which the obligor had against the obligee, at the time of the assignment, or notice of assignment.
”
Source: Wikisource

Nathan Clifford,  Stickney v. Wilt — Opinion of the Court

“ The petition is like the petition of an administrator for an order to sell the decedent's lands for the payment of debts. Such a proceeding always involves the power to adjust and determine liens before ordering a sale. In the adjustment and determination of these liens, frequently important and difficult questions, involving legal and equitable principles, arise. Yet such a proceeding is not a case in equity.
The petitioner, the assignee in bankruptcy, as well as the District Court, treated the matter as a summary proceeding and not as a case in equity.
”
Source: Wikisource

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