Hart v. Crane
New York Court of Chancery
This was an application to appoint a receiver of property assigned by one of the defendants, who was insolvent, to the other defendant, in trust for the payment of the debts of the assignor.
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This was an application to appoint a receiver of property assigned by one of the defendants, who was insolvent, to the other defendant, in trust for the payment of the debts of the assignor. It appeared that the assignee of the property, a small store of goods in the city of New-York, instead of selling off the property at once for the payment of the debts, had carried on the store for the purpose of retailing out the goods in the usual mode in which retail merchants conduct their business.
1Opinion of the Court
The Chancellor
decided, that upon an assignment of property of this description, it was the duty of the assignee to proceed and sell the property either at public or private sale without delay, and to pay over the proceeds thereof to the creditors, for whose benefit such assignment was made ; that the assignor could not legally delay his creditors in the collection of their debts until his property could be sold at its highest retail prices, and thereby secure to himself the benefit of such increased value in the discharge of his debts; that the creditors were entitled to have the property of…
2Cited by13 opinions
- Burdick v. Post & HunttingNew York Supreme Court · 1851
- Nicholson v. . LeavittNew York Court of Appeals · 1852
- Thomas v. TrieberCourt of Appeals of Maryland · 1852
- Hardin v. OsborneIllinois Supreme Court · 1871
- Connah v. SedgwickNew York Supreme Court · 1847
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