Cerf, Schloss & Co. v. Wallace

The opinion of the court was delivered by

Gordon, J.

On May 22,1891, the Tacoma Crockery and Bazaar Company, a corporation of this state, then insolvent, made an assignment of all of its property, consisting principally of a stock of goods, to the respondent Wallace, in trust for the benefit of all of its creditors. Said assignment was duly recorded and the assignee went into immediate possession of the property, and thereafter proceeded to dispose of the same and to distribute the proceeds ratably among all of the creditors of the insolvent corporation. Some months *250after_the execution of the…