Henderson v. Pierce

On the 26th day of May, 1885, David B. Henderson, being financially embarrassed and in failing circumstances, made an assignment of all his real and personal property, including choses in action, in trust for the benefit of all his bona fide creditors. The total value of the property assigned is alleged in the complaint to have been $12,-000, while the amount of the assignor’s liabilities is stated at $16,000.

In the deed of assignment, the assignor’s creditors are divided into two classes, and the assignee therein appointed is directed to pay those who are designated as of the first class in…