Mayer v. Shields
Mississippi Supreme Court
Appeal from the Circuit Court of Rankin County. Hon. A. G. Mayers, Judge. The appellees assigned their stock of merchandise to a trustee to sell, and, after paying the expenses of executing the trust, to distribute the proceeds pro rata among all their creditors, who should agree to receive the same in full discharge of their claims, and the balance ratably among the others.
Read the full summary
Appeal from the Circuit Court of Rankin County. Hon. A. G. Mayers, Judge. The appellees assigned their stock of merchandise to a trustee to sell, and, after paying the expenses of executing the trust, to distribute the proceeds pro rata among all their creditors, who should agree to receive the same in full discharge of their claims, and the balance ratably among the others. The appellants attached the goods, which were claimed by the trustee, and, on the appellees’ plea in abatement, there was a verdict that the attachment was wrongfully issued. Assignments exacting releases delay and to…
1Opinion of the CourtChalmers, C. J.
The deed of assignment in this case exacts from the creditors a release in full of their demands, as a condition of receiving any dividend under it. There are some States which sustain assignments of this character, while others denounce them as fraudulent and void on their face. The authorities are conflicting, and perhaps quite equally divided. Bump Fraud. Con. (2d ed.) 421-435; Burrill on Assignments (3d ed.), §§ 182-198. If we concede that such a stipulation is admissible by one who in *110professing to transfer his property to his creditors puts it temporarily beyond their reach by the…
2Cited by3 opinions
- Collier v. DavisSupreme Court of Arkansas · 1886
- Bickham v. LakeDistrict Court, N.D. Mississippi · 1883
- Estes v. SpainDistrict Court, N.D. Mississippi · 1884