Aycock v. Ft. Branch Mill. Co.
Supreme Court of Alabama
Appeal from Morgan Chancery Court. Heard before Hon. W. H. Simpson. Bill by tbe Pt. Branch Milling Company against W. H. Aycock to declare a conveyance to him a general assignment inuring to the benefit of all the grantor’s creditors. Decree for complainant and respondent appeals. Under the facts there was a new consideration other than the old indebtedness for making of the bill of sale, and it did not constitute a general assignment for the benefit of creditors.
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Appeal from Morgan Chancery Court. Heard before Hon. W. H. Simpson. Bill by tbe Pt. Branch Milling Company against W. H. Aycock to declare a conveyance to him a general assignment inuring to the benefit of all the grantor’s creditors. Decree for complainant and respondent appeals. Under the facts there was a new consideration other than the old indebtedness for making of the bill of sale, and it did not constitute a general assignment for the benefit of creditors. By filing the bill the validity of the transfer is admitted. Smith v. MdGann, 138 Ala. 290; Green v. Wright, 160 Ala. 478;…
1Opinion
on rehearing.
McCLELLAN, J.
The decree appealed from contains this adjudication: “It is therefore considered, adjudged, and decreed by the court that said sale ivas a general assignment, which inured to the benefit of all the creditors of said Sims having obligations waiving exemptions.. * * *”
The complainant is a creditor in whose favor Sims waived his exemptions. The personal property assigned to Aycock by Sims was of a value less than $1,000— the maximum, in value, of exemptions of personal property of the character here, involved. It is now insisted for appellant, and so .upon the conceived…
2Cases cited2 opinions
- Collier & Jones v. Wood Bros.Supreme Court of Alabama · 1887
- J. Loeb Grocery Co. v. I. Brickman & Co.Supreme Court of Alabama · 1911