J. 506; 2 South. N. J. 817 ; Coxe, N. J. 177 ; 3 Day, Conn. 364 ; 7 Conn. 399; 4 Litt. Ky. 435 ; 9 Ala. 60 ; Harp. So. C. 17 ; 2 Cranch, 342 ; 1 Wheat. 236; 7 Pet. 608; 1 Dall. 268; 2 Penn. 361, 463; 1 Bay, So. C. 173 ; 1 M'Cord, So. C. 219; 5 Mae. C. C. 215 ; 1 Paine, C. C. 525; 3 McLean, C. C. 147; 3 Hayw. Tenn. 199; 1 Hurnphr. Tenn. 155 ; 11 Md. 251. But in a court of equity the assignee may sue in his own name, but can only go into equity when his remedy at law fails. Freem. Ch. 145; 1 Ves. Ch. 331, 409; 3 Mer. Ch. 86 ; 2 Vern. Ch. 692 ; 1 Younge & C. Ch. 481 ; 1 Pick. Mass. 485-493 ; 4 Mass. 508, 511 ; 4 Rand. Va. 392; 30 Me. 419 ; 32 id. 203, 342; 2 Johns. Ch. N. Y. 441 ; 8 Wheat. 268. Such an assign ment is considered as a declaration of trust.
10 Humphr. Tenn. 342; 3 P. Will. Ch. 199; 2 id. 603 ; 1 Ves. Ch. 411; 5 Pet. 597; 1 Wheat; 235; 5 id. 277; see 5 Paige, Ch. N. Y. 539 ; 6 id. 583; 6 Cranch, 335; but all the equitable defences exist. 3 Yeates, Penn. 327; 1 Binn. Penn. 429 8 Wheat. 268.
11. A valid assignment of a policy of in surance in the broadest legal sense, by con sent of the underwriters, by statute, or other wise, vests in the assignee all the rights of the assignor, legal and equitable, including that of action ; but the instrument, not being negotiable in its character, is assignable only in equity, and not even so if it has, as it sometimes has, a condition to the contrary. 1 Phillips, Ins. c. 1, sect. x.; 3 Md. 244, 341; 8 Cush. Mass. 393 ; 10 id. 350; 15 Barb. N. Y. 413; 16 id. 511; 20 id. 339; 23 id. 623; 28 id. 116 ; 17 N. Y. 391 ; 5 Du. N. Y. 101 ; 25
Ala. N. s. 353 ; 30 N. H. 231 ; 3 Sneed, Tenn. 565 ; 42 Me. 221 ; 26 Conn. 165 ; 31 Penn. St 438; 18 Eng. L. & Eq. 427; 22 id. 590. A debtor making an assignment for the benefit of his creditors may legally choose his own trustees, and the title passes out of him to them. 21 Barb. N. Y. 65 ; 1 Binn. Penn. 514 ; 18 Ark. 85, 123 ; 24 Conn. 180. The assent of creditors will ordinarily be presumed. 29 Ala. N. s. 112; 4 Mass. 183, 20; 5 id. 153; 8 Pick. Mass. 113; 2 Conn. 633 ; 9 Serg. & R. Penn. 244; 8 Me. 411. In some states the statutes provide that the assignment shall be for the benefit of all creditors equally.
12. Assignments are peculiarly the objects of equity jurisdiction, 2 Bligh, 171, 189 ; 1 Vent.. 128 ; 9 Barnew. & C. 300; 7 Wbeat. 556 ; 11 id. 78 ; 4 Johns. Cas. N. Y. 529 ; 1 id. 205; lid. 119, 129 ; and bona fide assignments will in most cases be upheld in equity courts, 8 Me. 17 ; Paine, C. C. 525; 1 Wash. C. C. 424 ; 14 Serg. & R. Penn. 137 ; T. U. P. Charlt. Ga. 230 ; 12 Johns. N. Y. 343 ; 1 Paige, Ch. N. Y. 41 ; 22 Barb. N. Y. 550; but champerty and maintenance, and the purchase of lawsuits, are inquired into and restrained in equity as in law, and fraud will defeat an assignment. By some of the state statutes regulating assignments, the assignee may bring an action in his own name in a court of law, but the equities in defence are not excluded. Among these states are New York, Maryland, Ohio, Missouri, Arkansas, Missis sippi, Louisiana, California. See 6 Ohio, 271 ; 6 Tenn. 572; 3 Dan. Ky. 142 ; 2 Pet. 239 ; Miss. 69.