Marsalis v. Oglesby

Opinion by

Willson, J.

§ 256. Assignment for the benefit of creditors. It is well settled that an assignment for the benefit of creditors is one “ upon consideration deemed valuable in law,” and is not embraced within the denunciation of the statute upon frauds and fraudulent conveyances. [Eev. Stats, art. 2466.] In such an assignment the real consideration is the debts due the creditors, and these constititute a consideration deemed valuable in law in the highest sense of the term. [Halsey v. Whitney, 4 Mason, 206; Hall v. Denison, 17 Vermont, 310; Lawrence v. Davis, 3 McLean, 177; Bend v.…