Woonsocket Rubber Co. v. Falley

On the third day of January, 1887, Joseph D. Falley and William F. Hoes, partners in business as manufacturers of boots and shoes at La Fayette, Indiana, under the' firm name of Falley. & 'Hoes, executed a written instrument, whereby they bargained, soid, transferred, and assigned to James R. Falley, in trust, all their partuership property, of every kind, including choses in action, for the benefit of specified creditors. After specifically describing the property, and the debts to be paid out of its proceeds, the instrument declares that—

“This sale and transfer is made upon the conditions…