The Yazoo City Whig. [volume] (Yazoo, Miss.) 1844-1851, 1846-02-13

Soo . ne Bank. Chief Justice Marshall
ia delivering the opinion Of The Court, said:
The Court viii not give anyopinion Whslh.
Of any action can be maintaineda Al law upon
any OF the promIssory notes inthe record,
BY an assignee who does not claim the same
by an endorsement upon the notes. For in
this case, there 10 no specific assignment Of
these notes; the only assignment iS gen,
ornl assignment, in trust, Of al the property
Of the Band Of the United States. and, as
the act Of incorporation had expired, 10 &C.
ton could be maintained at law BY the Bank
itself Under these circumstances, the
Court is clearly Of opinion, that suit may
be maintained in equity against the other
parties to the notes."-Lenox vs. Roberts,
3 Wheaton, s78. The transfer OF the effects
Of the Banks by the clause now under con.
sideratian, is mole comprehensive than the
deed Of assignment under which that deci.
eision was made. Il directs the perform.
ance Of acts by trustees which can only be
accomplished by transfer TO them Of the
legal ownership Of the property. Il il goes
that length they can Of course maintain an
action at law. The late Bankrupt act does
not in terms Rest the right Of action in the
assignee ia his own name. But il dlvests
by the decree Of bankruptcy the property
out Of the bankrupt, and vests it in the as
Signee; and no legal mind doubts that the
latter is clothed with the right Of action at
law. But this is a suit in equity, and we
need no, 60 farther than the case just cited.
II is next objected that the suit cannot be
revived, in the name Of the trustees, either
upon the motion or scire facias. by the
statute law Of the State, the Court of Chan-
Gerry and this Court each is clothed with the
power Of making rules for the conduct Of
suits depending in them. In the exercise
Of this power the Chancery Cont has direct.
cd "that when any party shall die, the pro
per representative Of the personally or realty
as the case may be, may voluntarily come
in and be admitted party TO the suit"
ThS Court has adopted the rules Of the
Chancery Court for it's guidance and govern.
ment in chancery proceedings. We think
the present case is cOmprehended by the
rule.-U. S. Blk VS.. Mer. Blk, Rob. Va.
Rep $50. Beasion VS.. Far. Blk Del. 10
Peters l34. Louisville r. r. Co. vs. Litson,
2 How. S. G. 55s. In a case like this in
all lie essential features the court OF appeals
in Virginia, permitted the case tOproceed,
after the expiration Of the charter, without
noticing the dissolution on the record. in
that case the Bank had made an assignment
before the dissOluiiol,- Of Alexandriu
u. Patton, Rob. va. Rep. 525.
The last objection We shall notice %, tliat
che statute is inefficient and incomplete il
this, that it directs that the assets shall b
applied as may be hereafter directed by Law
TO the payments Of the debts Of the Bank
and as there has been no direction subse
quently given, the law is too imperfect Il
be enforced. We cannot yield 10 this con
struciior. The act in effect declares thu
assets Of the Bank TO be a trust fund for ih,
payment Of debis, and makes it the duty o
the trustees to collect them. This is trus
which would be enforced in court Of equi
~, without any further legislation. Indeed
il the legislature were TO attempt to apPl!
the assets 10 any other purpose, than thr
payment Of the debts Of the corporation, j
would transcend its constitutional limits
That body might have permitted the debt
to be extihguishcd by the dissolution, bn
having rescued them fIom this fate and de
elared them a trust fund, il could NOT diver
Il TO any other object. But no attempt o
that kind has been made. Il might hav,
intended 10 pass some law regulating tn
mode in which payment was to he coerce'
from the Trustees, but upon their failure Il
apply any other remedy, the courts Of tn
country wOull apply the existing remedies
which are abundantly sufficient for the pur
pose. The motion will be sustained AM
the cause stand revived. CLAYTON.
Judge Sharkey cOncurred.
THE CHEEOEEE LKxDs.-We see it state