Troy Waste Manufacturing Co. v. Saxony Woolen Mills

The following question is presented for decision: “ Under the law as it stood in September, 1891, could a manufacturing corporation organized under the act of February 17, 1848, in contemplation of insolvency, make a general assignment for the benefit of creditors without preferences ? ”

The right of corporations, trading or religious, to make assignments, if not restrained by statute, seems to have been settled. DeRuyter v. St. Peter's Church, 3 N. Y. 238; Haxtun v. Bishop, 3 Wend. 13; Robinson v. Bank, 21 N. Y. 406; Hurbut v. Carter, 21 Barb. 221; Hill v. Reed, 16 id. 280.

The Revised…