National Mechanics' & Traders' Bank v. Eagle Sugar Refinery
Massachusetts Supreme Judicial Court
Trustee process. From the answers of James F. Eaton, Israel G. Whitney and Joel Richards, who were summoned as trustees, it appeared that they held property which had been conveyed to them by the defendants under a written agreement, on trust that they should divide it pro rata among all the creditors of the defendants who should sign the agreement, and that the defendants were insolvent at the time of the conveyance.
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Trustee process. From the answers of James F. Eaton, Israel G. Whitney and Joel Richards, who were summoned as trustees, it appeared that they held property which had been conveyed to them by the defendants under a written agreement, on trust that they should divide it pro rata among all the creditors of the defendants who should sign the agreement, and that the defendants were insolvent at the time of the conveyance. It was contended that Samuel Lamb had an interest in the property, but this claim it is not now material to state. The superior court ordered the trustees to be discharged, and…
1Opinion of the CourtWells, J.
The question presented by the answers of the trustees, and discussed before us, is mainly that of the validity of an assignment of property, by an insolvent debtor, to trustees, for distribution among creditors who have become parties to the instrument, and whose claims exceed the amount of the property. We do not find it necessary to consider how far the interest and rights of Lamb might affect the result, if our conclusion upon the main question were otherwise than it is.
While the St. of 1836, c. 238, was in force, such an assignment was held to be invalid as against attachment by a…
2Cases cited1 opinion
- Potter v. BeldenMassachusetts Supreme Judicial Court · 1870
3Cited by11 opinions
- May v. WannemacherMassachusetts Supreme Judicial Court · 1872
- Frazee v. NelsonMassachusetts Supreme Judicial Court · 1901
- Train v. KendallMassachusetts Supreme Judicial Court · 1884
- Sawyer v. LevyMassachusetts Supreme Judicial Court · 1894
- Sinclair v. Napoli Cafeteria, Inc.Massachusetts Supreme Judicial Court · 1923
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