Clough v. Glines & Stevens Co.
Supreme Court of New Hampshire
Foreign Attachment. Transferred without a ruling from the-April term, 1914, of the superior court by Branch, J., on an agreed statement of facts. The indebtedness of the principal defendant to the plaintiffs is admitted, and the only question raised relates to-the chargeability of the trustees. For some time before October 11, 1913, the Glines & Stevens-Company was insolvent and unable to pay its creditors in full.
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Foreign Attachment. Transferred without a ruling from the-April term, 1914, of the superior court by Branch, J., on an agreed statement of facts. The indebtedness of the principal defendant to the plaintiffs is admitted, and the only question raised relates to-the chargeability of the trustees. For some time before October 11, 1913, the Glines & Stevens-Company was insolvent and unable to pay its creditors in full. On that date its stockholders voted to “sell, assign, and transfer” all the property and assets .to the trustees, who were large creditors, upon their agreement to take the…
1Opinion of the CourtWalker, J.
According to the decisions in Kenefick v. Perry, 61 N. H. 362, and Hosmer v. Farley, 67 N. H. 590, the transfer of the insolvent debtor’s property to the trustees was an absolute sale. It was not attended with a secret trust for the benefit of the vendors, which might in a proper proceeding by a creditor be held to invalidate the transfer; and the fact is found that no actual fraud upon a. creditor was attempted or contemplated. The controlling purpose was to protect all the creditors without creating or attempting to-create unjust or inequitable preferences. As the sale was upon a sufficient…
2Cases cited6 opinions
- McGreenery v. MurphySupreme Court of New Hampshire · 1912
- Corning v. RecordsSupreme Court of New Hampshire · 1898
- Thompson v. EstySupreme Court of New Hampshire · 1896
- Kenefick v. PerrySupreme Court of New Hampshire · 1881
- Dole v. FarwellSupreme Court of New Hampshire · 1903
1 more not listed; retrieve them via the Exa API.
3Cited by3 opinions
- In re ParentDistrict Court, D. New Hampshire · 1940
- Webster & Atlas National Bank v. George A. Fuller Sons Co.Supreme Court of New Hampshire · 1931
- Eldredge Brewing Co. v. Cocheco Bottling Co.Supreme Court of New Hampshire · 1918