Porter v. James
Court of Appeals for the Fifth Circuit
Appeal from the Circuit Court of the United States for the Northern District of Alabama. This was a suit by D. T. Porter and G. W. Macrae, partners under the firm name of Porter & Macrae, against I. L. James and J. E. Penney, to cancel an assignment for benefit of creditors, and procure the application oí certain moneys to a, judgment obtained by complainants against defendants. The circuit court entered a decree dismissing, the cause, and complainants appealed.
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Appeal from the Circuit Court of the United States for the Northern District of Alabama. This was a suit by D. T. Porter and G. W. Macrae, partners under the firm name of Porter & Macrae, against I. L. James and J. E. Penney, to cancel an assignment for benefit of creditors, and procure the application oí certain moneys to a, judgment obtained by complainants against defendants. The circuit court entered a decree dismissing, the cause, and complainants appealed. I. L. .Tames was doing a mercantile business at Hillsboro, Ala., and Porter & Macrae, of Memphis, Term., were his commission…
1Per curiam
As the assignment in question was made by an insolvent debtor, and purports to convey all his property to be distributed equally among all his creditors, and the same has been accepted by the assignee and a majority in number, if not in amount, of all the creditors, the deed of assignment cannot be held to be fraudulent on its face, although the assignment might otherwise be open to objection by reason of some of the provisions contained therein, if the assignment were one granting preferences; nor can such assignment be set aside in a court of equity because of the fraudulent intention of…
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