Fourth National Bank v. American Mills Co.
Annotate this Case
137 U.S. 234 (1890)
U.S. Supreme Court
Fourth National Bank v. American Mills Co., 137 U.S. 234 (1890)
Fourth National Bank of New York v. American Mills Company
Argued November 10, 1890
Decided November 24, 1890
137 U.S. 234
APPEAL FROM THE CIRCUIT COURT OF THE UNITED
STATES FOR THE SOUTHERN DISTRICT OF NEW YORK
A New York corporation consigned goods to G., a commission merchant in New York city, for sale. He advanced to it thereon, in cash and negotiable acceptances, more than the value of the goods, it having the benefit of the acceptances, which passed into the hands of bona fide holders. It then transferred the goods to him, as absolute owner, in discharge pro tanto of its debt to him. He then sold the goods to his wife, for full value, in part payment of money he owed her, and she resold them and received the proceeds. A creditor who had recovered judgments on some of the acceptances against G. and the corporation, brought a bill in equity against them and the wife of G. to have such proceeds applied on his judgments:
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