In re the Estate of Potter & Page
Supreme Court of Pennsylvania
Appeal by The Pennsylvania Company for Insurance on Lives, &c., from the decree of the Court of Common Pleas of Philadelphia, in the matter of the estate of Potter & Page, assigned for the benefit of creditors. Samuel Potter and William Page, trading in Philadelphia as Potter & Page, and in London as Samuel Potter & Co., made an assignment for the benefit' of their creditors, on the 28th of September 1811, to Paschall Hollingsworth and Thomas Astley.
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Appeal by The Pennsylvania Company for Insurance on Lives, &c., from the decree of the Court of Common Pleas of Philadelphia, in the matter of the estate of Potter & Page, assigned for the benefit of creditors. Samuel Potter and William Page, trading in Philadelphia as Potter & Page, and in London as Samuel Potter & Co., made an assignment for the benefit' of their creditors, on the 28th of September 1811, to Paschall Hollingsworth and Thomas Astley. In February 1837, the assignees declared a fifth dividend, and on the 21st of March 1838 remitted $1613.37 to England, for the creditors in that…
1Opinion of the Court
The opinion of the court was delivered, by
Read, J.
An assignment by an insolvent debtor for the benefit of creditors, always leaves a resulting trust in the assignor, which, if his debts were actually paid or a legal presumption of their payment has arisen from lapse of time, entitles him to the possession of the assigned property. The assignment was made in this case nearly fifty-six years ago; and the money now in the hands of the accountants has remained unclaimed for over thirty years. This length of time raises the legal presumption already stated, and the widow and representative of…
2Cited by3 opinions
- Butt v. McAlpineSupreme Court of Alabama · 1910
- Liberty Oil Co. v. Condon Nat. BankCourt of Appeals for the Eighth Circuit · 1923
- Appeal of RalstonSupreme Court of Pennsylvania · 1895