Keteltas v. Wilson
New York Supreme Court
THIS was an appeal from a judgment entered upon the report of a referee dismissing the plaintiff’s complaint. The plaintiff was appointed receiver in several supplemental proceedings, and as such, commenced this action to set aside an assignment made by L. 0. Wilson & Co. for the alleged benefit of their creditors.
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THIS was an appeal from a judgment entered upon the report of a referee dismissing the plaintiff’s complaint. The plaintiff was appointed receiver in several supplemental proceedings, and as such, commenced this action to set aside an assignment made by L. 0. Wilson & Co. for the alleged benefit of their creditors. This assignment, not under seal, purports to assign all the property of said firm, real and personal, and all its assets in trust. 1. To sell the assigned property and collect the debts. 2. To pay the legal and necessary expenses of the said assignees, with a salary to each of them…
1Opinion of the Court
By the Court,
Leonard, J.
The plaintiff seeks .to have an assignment for the benefit of creditors declared fraudulent and void; first, for the reason that the provisions of the instrument itself are illegal, and second, on account of the fraudulent intent of the assignors, as matter of fact, appearing from the paroi evidence taken in the action.-
There are two provisions which the plaintiffs allege to be objectionable: 1st. A trust to pay the legal and necessary expenses of the assignees, with a salary to each of them at the rate of two thousand dollars per year while actually engaged in…
2Cited by1 opinion
- Place v. McIlvainNew York Court of Common Pleas · 1863