Kendrick v. Guthrie Manufacturing Co.

This is an action for goods sold and delivered. One of the defenses is that prior to the institution of the suit the defendant, being unable to pay its debts in full, had made a voluntary assignment under the statute for the benefit of its creditors; that at a meeting of the"majority of the creditors, including the plaintiffs, it was agreed that in settlement of their claims they would accept thirty-three and one-third per cent., and would recommend other creditors not present to make a like settlement; that on the faith of this, the defendant, through the assistance of others, raised the…