De Caters v. Le Ray De Chaumont & Kanady
New York Court of Chancery
James Donatianus Le Ray Db Chaumont, being possessed of a very large estate, consisting principally of wild lands in the states of New-York and Pennsylvania, and being very largely indebted and insolvent, in December, 1823, conveyed all his property, in the United States and elsewhere, to the defendant, Vincent Le Ray De Chaumont; in trust, in the first place, to pay certain preferred creditors, and afterwards to distribute the residue rateably between such of his general…
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James Donatianus Le Ray Db Chaumont, being possessed of a very large estate, consisting principally of wild lands in the states of New-York and Pennsylvania, and being very largely indebted and insolvent, in December, 1823, conveyed all his property, in the United States and elsewhere, to the defendant, Vincent Le Ray De Chaumont; in trust, in the first place, to pay certain preferred creditors, and afterwards to distribute the residue rateably between such of his general creditors as should, within one year from the date of that conveyance, come in and accept the provision made for them by…
1Opinion of the Court
The Chancellor.
The right of the complainants to come in and share with the other creditors the fund created by the trust deed, does not, as supposed by their counsel, depend upon any general continuing equity in their favor notwithstanding their neglect to comply with the condition in the deed. In the case of Dunch v. Kent, it is true, the complainant insisted there was a continuing trust in favor of all the creditors, although they did not come in within the year. But this question does not appear to have been decided. In that case there was an equity in favor of the complainant and all the…
2Cited by4 opinions
- National Union Bank v. CopelandMassachusetts Supreme Judicial Court · 1886
- Ludington's PetitionNew York Court of Common Pleas · 1878
- In re the Assignment of BlackNew York Court of Common Pleas · 1884
- Phenix Bank in Connecticut v. SullivanMassachusetts Supreme Judicial Court · 1830