Commercial National Bank v. Mosser
Michigan Supreme Court
Appeal from Wexford. (Fallass, J.) Bill to set aside levies. Defendants appeal. By the execution and delivery of an assignment, the relation of trustee and cestui que trust, is constituted at once without any express assent of the creditors, and cannot afterward be revoked, except upon the dissent of creditors: Suydam v. Degui/ndre Har.
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Appeal from Wexford. (Fallass, J.) Bill to set aside levies. Defendants appeal. By the execution and delivery of an assignment, the relation of trustee and cestui que trust, is constituted at once without any express assent of the creditors, and cannot afterward be revoked, except upon the dissent of creditors: Suydam v. Degui/ndre Har. Ch. 347; an assignment in trust, for the benefit of creditors, when once accepted by the assignee, operates as a conveyance and not as a mere power, and cannot be revoked by the assignor or defeated by the renunciation of the assignee: Ilall v. Denison 17 Yt.…
1Opinion of the Court
Cooley, O. J.
The principal question in this case is whether the assignees in a common-law assignment, under the facts which will be recited, took the title as trustees for the creditors, so as to preclude the property being seized on attachments.
On November 19, 1883, the banking firm of Rice & Mess-more, doing business at Cadillac, in this State, finding themselves insolvent, executed to William E. Ambler and John C. Mosser, as trustees, a general assignment of all their property for the benefit of their creditors ratably. Ambler and Mosser joined with the assignors in executing the…
2Cases cited4 opinions
- Risser v. HoytMichigan Supreme Court · 1884
- Fuller v. HasbrouckMichigan Supreme Court · 1881
- Coots v. RadfordMichigan Supreme Court · 1881
- Pickersgill v. RikerMichigan Supreme Court · 1883
3Cited by2 opinions
- Bartemeier v. Central National Fire InsuranceSupreme Court of Iowa · 1916
- Wolf v. O'ConnerMichigan Supreme Court · 1890