Rice v. Frayser
United States Circuit Court
At Law. On the twenty-ninth day of January, 1885, the defendants, Frayser, Mitchell & Co., merchants, made an assignment of their stock of merchandise and other property, for the benefit of their creditors, to L. N. Black, trustee. The deed of assignment contains this provision following the granting clause: “And they hereby deliver the same into the possession of said L. N. Black, trustee.”
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At Law. On the twenty-ninth day of January, 1885, the defendants, Frayser, Mitchell & Co., merchants, made an assignment of their stock of merchandise and other property, for the benefit of their creditors, to L. N. Black, trustee. The deed of assignment contains this provision following the granting clause: “And they hereby deliver the same into the possession of said L. N. Black, trustee.” And later on it is provided : “And it is hereby stipulated that said party of the second part shall execute bond, as required by law, make and file a true and perfect inventory and description of said…
1Opinion of the CourtCaldwell, J.
The execution of the deed, and the delivery of possession of the property to the assignee under it, were simultaneous acts. The deed declares “they hereby deliver the same into the possession of said L. N. Black, trustee.” A subsequent provision of the deed requires the assignee to execute a bond before he sells the property, but that the deed contemplates that the actual possession of the property shall pass to the trustee before he executes a bond or files an inventory, and that the possession did so pass is not controverted. It is said by the learned counsel who argued this cause for the…
2Cases cited12 opinions
- Wakeman v. GroverNew York Court of Chancery · 1832
- Jaffray v. McGeheeSupreme Court of the United States · 1883
- Peck v. . BurrNew York Court of Appeals · 1851
- Caldwell v. WilliamsIndiana Supreme Court · 1849
- Pierson v. ManningMichigan Supreme Court · 1852
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