In re the General Assignment of Stowell
New York Supreme Court
Appeal from a final decree of the County Court of Cbumung county on a final accounting therein by the executors of a deceased general assignee for the benefit of creditors. On the 9th day of June, 1876, Stowell Brothers, who were partners, made a general assignment for the benefit of their creditors, without preference, to Samuel W. Perry, who duly qualified as such assignee.
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Appeal from a final decree of the County Court of Cbumung county on a final accounting therein by the executors of a deceased general assignee for the benefit of creditors. On the 9th day of June, 1876, Stowell Brothers, who were partners, made a general assignment for the benefit of their creditors, without preference, to Samuel W. Perry, who duly qualified as such assignee. Their debts amounted to $79,756.34. In February, 1878, Stowell Brothers were duly adjudged bankrupts, - on their own petition. They also duly made a composition with their creditors under the provisions of the bankrupt…
1Opinion of the Court
Martin, J.:
The composition of Stowell Brothers with their creditors, under the regulations and supervision of the bankruptcy court, absolutely *345discharged the debts of all their creditors, whose names and debts were placed in the statement produced at the meeting of creditors and no other discharge was needed. {Re Becket, 2 Woods 173, 12 Nat. Bankruptcy Reg., 201.) A resolution of composition duly ratified confines the secured creditor to his security and discharges the debtor from personal liability for the secured debt. {Re Lytle, 14 Nat. Bankruptcy Reg., 457; Matter of Stowell, 16 Abb. N.…
2Cases cited3 opinions
- In re BecketU.S. Circuit Court for the District of Louisiana · 1875
- In re the Assignment of OrsorNew York Court of Common Pleas · 1879
- In re StowellU.S. Circuit Court for the District of Northern New York · 1885