American Sugar Refining Company, Appellant v. Charles H. Fancher, Assignee, Respondent

Summary

The New York Court of Appeals affirmed the judgment ordering the assignee to account for and deliver the proceeds of the fraudulent resale of sugars to the defrauded vendor. It held that equity may follow identifiable proceeds in the hands of a fraudulent vendee's assignee when legal remedies are inadequate, that the assignee stands in the same position as the assignor, that the vendor has no preferential claim over other creditors, and that rescission after the sale and assignment is permissible.