United States Supreme Court Cases & Opinions

U.S. Supreme Court

Bast v. Bank, 101 U.S. 93 (1879)

Bast v. Bank

101 U.S. 93

Syllabus

March 1, 1876, A., by way of collateral security for his notes of even date payable four months thereafter, made an instrument in writing assigning to B., the payee of them, a judgment against C., and authorizing him to sell it, in case they should not be paid at maturity, and apply the proceeds to the payment of them. C., at said date, had sufficient personal property to satisfy the judgment. Execution was issued June 19, but that property had been previously exhausted by the levy of other executions. In a suit by B. against A. on the notes, held:

1. That B. was not bound by the terms of the assignment to take steps for the collection of the judgment before the maturity of the notes.

2. That, in the absence of accident, mistake, or fraud, evidence was not admissible to show his parol agreement, made contemporaneously with the assignment and as part of the transaction, to issue execution and collect the judgment whenever the money could be made thereon.

The facts are stated in the opinion of the Court.