. Baldwin v. Billingsley, 2 Vern.
539, 23 Eng. Rep.
1705). Baldwin had borrowed £200 from a trust, giving the trustees a bond in that
amount which recited the trust. The bond was delivered to Mrs. Billingsley, the beneficiary.
Baldwin paid £100 to one of the trustees who gave him a receipt in the name of the
trust, then absconded. The Lord Keeper ruled for Mrs. Billingsley, saying, id
. at 540, “Mr. Baldwin ought to have been cautious how he paid the Money; it being
in Equity the Money of Billingsley,
as much as if the Bond had been assigned to her; and Payment to the Obligee after
Notice of an Assignment is not good: In the Case of an Assignment of a Bond the Assignee
alone becomes intitled to receive the Money.”