Salem Trust Co. v. Manufacturer's Finance Co.

264 U.S. 182 (1924)

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Nature of the Case

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Facts

Nelson assigned the proceeds of a contract to Salem (P) in May 1919 and also assigned the same proceeds to Manufacturer's (D) in July 1919. D notified the debtor of the assignment. In September, a receiver was appointed over Nelson, and each assignee learned of the other. Both assignees agreed to allow Nelson to finish the work to be performed and the proceeds were to be placed in trust until the priorities among them had been determined.