Aycock v. Ft. Branch Mill. Co.
Supreme Court of Alabama
Appeal from Morgan Chancery Court. Heard before Hon. W. H. Simpson. Bill by tbe Pt. Branch Milling Company against W. H. Aycock to declare a conveyance to him a general assignment inuring to the benefit of all the grantor’s creditors. Decree for complainant and respondent appeals. Under the facts there was a new consideration other than the old indebtedness for making of the bill of sale, and it did not constitute a general assignment for the benefit of creditors.
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Appeal from Morgan Chancery Court. Heard before Hon. W. H. Simpson. Bill by tbe Pt. Branch Milling Company against W. H. Aycock to declare a conveyance to him a general assignment inuring to the benefit of all the grantor’s creditors. Decree for complainant and respondent appeals. Under the facts there was a new consideration other than the old indebtedness for making of the bill of sale, and it did not constitute a general assignment for the benefit of creditors. By filing the bill the validity of the transfer is admitted. Smith v. MdGann, 138 Ala. 290; Green v. Wright, 160 Ala. 478;…
1Opinion of the CourtMcCLELLAN, J.
This bill’s single theory and purpose is to have a debtor’s assignment and transfer of substantially all of his property to a single creditor declared a general assignment and as such enforced for the benefit of all creditors of the debtor entitled to participate in the distribution of the fund thus subjected. It clearly appears that at the time Sims (the debtor) *328made the assignment and transfer to Aycock (the creditor) Sims was insolvent. And it is equally clear that the assignment thus made was of substantially all of Sims’ property.
It is insisted for appellant that since Aycock, by the…
2Cases cited2 opinions
- Randolph v. WebbSupreme Court of Alabama · 1896
- Smith v. McCaddenSupreme Court of Alabama · 1902
3Cited by3 opinions
- Allen v. Standard Ins.Supreme Court of Alabama · 1916
- American Life Ins. Co. v. Aladdin Temple Ben. Ass'nSupreme Court of Alabama · 1939
- Wolcott v. TitusSupreme Court of Alabama · 1939