Allen v. Danielson

The assignment under which the questions in this case are raised conveys all the property of the assignors, except such as is exempt from attachment by law, to the assignee, in trust, to sell and convert it into money and apply the proceeds to the payment, first, of certain claims entitled or allowed to be preferred, and then “ for the equal benefit of all our creditors in proportion to their respective claims.” At the time of the assignment some of the general creditors held claims which were .secured by mortgage. The first question is, whether the creditors so secured were entitled to…