Ogden v. . Peters
New York Court of Appeals
Appeal from the Supreme Court. Action to set aside an assignment. The trial was before Mr. Justice Emott, without jury. He found these facts: The defendant Peters, being in fact insolvent to a large amount, but supposing that his property was sufficient to pay his debts, made, on the 29th September, 1849, a general assignment of all his property and choses in action to the defendants Doughty and Brock, in trust- “ to sell the said assigned and conveyed property and effects,…
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Appeal from the Supreme Court. Action to set aside an assignment. The trial was before Mr. Justice Emott, without jury. He found these facts: The defendant Peters, being in fact insolvent to a large amount, but supposing that his property was sufficient to pay his debts, made, on the 29th September, 1849, a general assignment of all his property and choses in action to the defendants Doughty and Brock, in trust- “ to sell the said assigned and conveyed property and effects, to collect the said choses in action,, evidences of debt, &c., and to convert the whole of the said assigned premises…
1Opinion of the Court
Oomstock, Oh. J.
The assignment is not void for the reason merely that it contains a provision directing the assignee to convert the property “into cash as soon as the same may conveniently and properly be done.” The rule undoubtedly is, that an insolvent debtor cannot create a trust of this nature and impose upon the trustee any restrictions inconsistent with the right of creditors to have the assigned property converted immediately into money for the payment of their demands. An assignment drawn precisely as it ought to be will not undertake to speak to the assignee in regard to his duties…
2Cases cited2 opinions
- Vernon & Averill v. Morton & SmithCourt of Appeals of Kentucky · 1839
- Van Nest v. YoeNew York Court of Chancery · 1843
3Cited by10 opinions
- Johnson v. J. M. Robinson & Co.Texas Supreme Court · 1887
- Angell v. RosenburyMichigan Supreme Court · 1864
- Townsend v. . StearnsNew York Court of Appeals · 1865
- Juliand v. RathboneNew York Supreme Court · 1862
- Farwell v. MaxwellU.S. Circuit Court for the Southern District of Iowa · 1888
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