Jackson Bank v. Durfey
Mississippi Supreme Court
From the chancery court of the first district of Hinds county. Hon. H. C. Conn, Chancellor. The opinion sufficiently states the case. The evidence leaves no doubt that the firm of Durfey & Ascher, and both its members, wore insolvent. They were unable to pay their debts in the ordinary course of business. 159 Mass., 383; 72 Me., 489; 2 Am. & Eng. Ene.
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From the chancery court of the first district of Hinds county. Hon. H. C. Conn, Chancellor. The opinion sufficiently states the case. The evidence leaves no doubt that the firm of Durfey & Ascher, and both its members, wore insolvent. They were unable to pay their debts in the ordinary course of business. 159 Mass., 383; 72 Me., 489; 2 Am. & Eng. Ene. L., 172. It was not allowable for each member of the firm, while insolvent as a firm and as individuals, to give a trust-deed on his individual half interest in the firm assets to secure his individual debts. See Williams v. Gage, 49 Miss., 777;…
1Opinion of the CourtCooper, C. J.
The appellant, a firm creditor of the appellees, Durfey & Ascher, exhibited its bill in chancery, seeking to annul as fraudulent two certain deeds of trust, whereby the firm assets were incumbered to secure the individual debts of the partners. The evidence, fairly construed, discloses these facts: Durfey, one of the partners, was indebted to the defendant, Caldwell, in the sum of five thousand dollars, and Ascher, the other partner, was indebted to' Hart in the sum of five thousand five hundred and fifty dollars. The firm, and the individuals composing it, were insolvent. On October 3, 1893,…
2Cases cited16 opinions
- Case v. BeauregardSupreme Court of the United States · 1879
- Menagh v. . WhitwellNew York Court of Appeals · 1873
- Allen v. Center Valley Co.Supreme Court of Connecticut · 1851
- Rice v. BarnardSupreme Court of Vermont · 1848
- Schmidlapp & Bros. v. S. D. Currie & Co.Mississippi Supreme Court · 1878
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3Cited by5 opinions
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- Merchants' Bank v. ThomasCourt of Appeals for the Fifth Circuit · 1903
- Simmons Hardware Co. v. ThomasIndiana Supreme Court · 1897
- Clark-Jewell-Wells Co. v. TolsmaMichigan Supreme Court · 1908
- Lawrence Lumber Co v. LyonMississippi Supreme Court · 1908