Farmers Exchange Bank v. Oneida Motor Truck Co.

The Oneida Manufacturing Company assumed a-portion of the mortgage debt of the Oneida Motor Truck Company, agreed to pay back taxes assessed, and to assume certain current obligations. The Truck Company transferred its properties to the Oneida Manufacturing Company, receiving no cash directly under this transfer. Was this transfer fraudulent in law ? If so, it must be for the reason that the Truck Company, an insolvent, engaged in business, transferred all its assets without fair consideration.

The trial coúrt found that the defendant received, and the garnishee defendant paid, no…