Moulton v. Perkins

100 A. 1020, 116 Me. 218, 1917 Me. LEXIS 42
Supreme Judicial Court of Maine·Decided June 7, 1917·Published·Cited by 3 cases

Opinion

Bird, J.

The trustee in bankruptcy of the estate of Moses S. Moulton brings this action of assumpsit against defendant for the recovery of seven hundred and sixty-three dollars twelve cents, money had and received of his bankrupt. The writ is dated April 17,1916.

The firm of Hanson & Moulton, consisting of George W. Hanson and the plaintiff's bankrupt, in 1912, purchased of defendant certain timber for which Hanson and his partner Moulton, made and delivered to defendant a promissory note for $5,000. The note was joint and several commencing “I promise” and signed by each member of the firm, but without mention of the firm. The note concluded as follows: 1 ‘it is hereby agreéd that the signers and endorsers of this note waive demand, notice and protest, and guarantee the payment of same when due.” Upon this note, at the date of the bankruptcy hereafter referred to, the amount due was thirty-four hundred sixty-eight dollars and thirteen cents.

The co-partnership'was not successful financially and on June 8, 1914, Moses S. Moulton, having no further credit with the banks, induced the defendant long an employe of the firm to execute a demand collateral note, in usual form, of that date to the order of the Springvale National Bank for the sum of $2550 and give as collateral for its payment “64 shares Springvale Aqueduct Co., Certificate No. 17.” The defendant acquired the certificate of stock pledged by the surrender of a certificate for a like number of shares owned by Moses S. Moulton who caused a new certificate therefor to be issued to [220]*220Perkins. The note was discounted at the payee bank by Moses S. Moulton, through his partner George W. Hanson, and the avails were used by the bank in reduction of the indebtedness of Moulton.

On the date of the note defendant and Moses S. Moulton executed in duplicate an agreement, reciting the assignment to defendant of the stock and the issue in his name of a new certificate which Perkins had assigned to the bank as collateral security for the note and agreeing that “said Moses S. Moulton is entitled to and shall have the said shares whenever he shall pay the said note for $2550 and interest thereon.” Moulton paid the interest on the note quarterly in advance and had thus paid it up to June 8, 1915.

Early in June, 1915, the defendant, the bank having given him notic'e that the note must be paid, asked Moses S. Moulton, for his part of the duplicate agreement and, the latter failing to find it, to execute a written instrument either authorizing Perkins to sell the collateral or, assigning him his interest therein. From the evidence it is uncertain which. This request was refused, Moulton stating that he must go into bankruptcy, and that Perkins must take care of the interest as he could not. Later he gave to defendant his part of the written agreement of June 8, 1914. June 29, 1914, Moses S. Moulton and his partner Hanson, filed their petition in bankruptcy and on the third day of the following July were adjudged bankrupts both individually and as co-partners. On the 13th day of the same July the collateral was sold and from the proceeds of the sale, the note and interest paid and a balance of $763.12 handed to defendant. Thereafter, probably on the same day, Perkins announced the sale to Moulton and tendered him the sum of $763.12 saying “you can give me what you have a mind to.” Moulton replied that he was in bankruptcy and ‘ ‘ he (defendant) had better take the money and keep it, for they would call for it. If they didn’t he could do what he had a mind to with it.”

On the twenty-third day of July, 1915, defendant filed against the estate of the co-partnership of Hanson & Moulton, bankrupts, his claim in the usual form, for the balance due upon the $5,000 note of February 27, 1912, amounting to $3468.13, alleging that no part of the debt had been paid and that there were “no set offs or counter claims to the same.” and on the same day the claim was allowed.

On the twenty-eighth day of February, 1916, the defendant executed an absolute assignment of the claim thus proved to the Sanford [221]*221National Bank, coupled with an irrevocable power of attorney in the premises. And the same day he revoked a power of attorney theretofore given to attorneys-at-law empowering them to act in relation to said claim. This revocation was filed in the bankruptcy court on the sixth day of March, 1916, as well as the assignment to the Sanford National Bank which, after due notice of its application therefor, was subrogated to the rights of defendant on the sixteenth day of the same month.

Under date of the twenty-eighth day of February, 1916, the Sanford National Bank executed an agreement with defendant, in which after reciting the assignment to it of the claim against “the estate of Hanson & Moulton in bankruptcy “It agrees that the assignment is made as collateral security, for certain notes held by the bank aggregating $500. and that all moneys received under the assignment over the amount sufficient to pay the notes, interest and expenses of collection” shall be paid over to said Fred H. Perkins by the said Sanford National Bank. Perkins to have the right to off set the same.” This agreement does not appear to have been filed in the bankruptcy court when the assignment was filed, nor at any subsequent date.

To the action of the assignee in bankruptcy the defendant at the entry term moved for specifications and filed an account in set-off setting up the note for $5000 of February 7, 1912, as the several note of Moses S. Moulton, as an off set, to the amount of $3,468.13. At the next succeeding term, September, 1916, the defendant having pleaded the general issue and plaintiff having filed a replication to the account in set off alleging the note to be that of the firm of Hanson & Moulton and not that of Moses S. Moulton, the case was opened to a jury. At the close of plaintiff’s evidence, the defendant offering none, a verdict was directed for plaintiff. The case is here upon exceptions to the admission of evidence and the order directing a verdict.

The bill of exceptions alleges that certain evidence was admitted subject to the objections of defendant to which admission the defendant “excepts because it was immaterial and because the contract between the parties was in writing which was the best evidence.” We are in doubt if the defendant insists upon this exception but assuming that he does, we cannot consider the evidence immaterial. During the propounding of the questions and the giving of the answers included in the bill of exceptions, the defendant objected to [222]*222two questions, but the ground of his objections are not set forth. There is, therefore, no intimation that the presiding Justice was advised that the rule against secondary evidence was invoked. Consequently no error can be found in the ruling of the court. Glidden v. Dunlap, 28 Maine, 379; Harriman v. Sanger, 67 Maine, 442, 444. Later the defendant offered the contract which was admitted but without motion to strike out the testimony objected to. He does not show that he was aggrieved. Harriman v. Sanger, 67 Maine, 442, 445.

Upon the exceptions of defendant to the order directing a verdict for the plaintiff, the defendant urges that the surrender by Moses S.

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Moulton v. Perkins, 100 A. 1020, 116 Me. 218, 1917 Me. LEXIS 42 (Me. 1917).

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