Robson v. Tomlinson
Supreme Court of Arkansas
APPEAL from Mississippi Circuit Court. J. E. Riddick, Judge. Liston, a merchant at Osceola, Ark., conveyed his stock of goods and accounts to Tomlinson, as trustee for Toof, McGowan & Co., creditors at Memphis, Tenn., to secure a note to them for $3700, due five days after date.
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APPEAL from Mississippi Circuit Court. J. E. Riddick, Judge. Liston, a merchant at Osceola, Ark., conveyed his stock of goods and accounts to Tomlinson, as trustee for Toof, McGowan & Co., creditors at Memphis, Tenn., to secure a note to them for $3700, due five days after date. The instrument of conveyance is in terms as follows: “ This deed, made and entered into this, the 23d day of November, 1889, by and between James Liston, of the county of Mississippi, State of Arkansas, party of the first part, and Toof, McGowan & Co., a firm doing business in the city of Memphis, State of Tennessee,…
1Opinion of the CourtCockrill, C. J.
1. whenmortgage construed to be assign-The instrument relied upon by Tomlin- . . . . . , son, the-interpleader, is in form a mortgage, and not an assignment for the benefit of creditors. The presumption, until overcome by proof, is that the parties intended it to have the effect the law gives to a mortgage—that is, that it ■should stand as security for a debt. The fact that it provides that the mortgagor should surrender immediate possession to the trustee for the mortgagee does not convert it into an assignment. To accomplish that result, it must be .shown that it was the intention of the…
2Cases cited1 opinion
- Cadwell's Bank v. CrittendenSupreme Court of Iowa · 1885
3Cited by18 opinions
- Smead v. ChandlerSupreme Court of Arkansas · 1903
- Appolos v. BradyCourt of Appeals for the Eighth Circuit · 1892
- Gazola v. SavageSupreme Court of Arkansas · 1906
- Merchants' Exchange Co. v. SandersSupreme Court of Arkansas · 1905
- Hamilton v. IsaacsNebraska Supreme Court · 1892
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