Robert v. Barnum
Court of Appeals of Kentucky
Case 6 — EQUITY— APPEAL PROM LOUISVILLE CHANCERY COURT. The execution of the deed of assignment by Barnum was a voluntary abandonment bf the proposed compromise. To convey Ms estate away is incompatible with the agreement. (Burrill on Assignments, sec. 298.) The trustee is bound by the terms of the deed of trust. Under that deed nothing less than full payment can he worked out. No bond of indemnity provided for in section 435, Civil Code, was required.
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Case 6 — EQUITY— APPEAL PROM LOUISVILLE CHANCERY COURT. The execution of the deed of assignment by Barnum was a voluntary abandonment bf the proposed compromise. To convey Ms estate away is incompatible with the agreement. (Burrill on Assignments, sec. 298.) The trustee is bound by the terms of the deed of trust. Under that deed nothing less than full payment can he worked out. No bond of indemnity provided for in section 435, Civil Code, was required. Great injustice would be done to the trustee, who has made the surrender to appellee Barnum, if a reversal is adjudged. The agreement to…
1Opinion of the Court
JUDGE PRYOR
delivered the opixiox op tiie court.
The validity of agreements between creditors, entered into for the purpose of releasing an insolvent debtor, when made in good faith, cannot be questioned; and when the debtor has in this manner procured his release, and is willing and offers to comply with the terms of the agreement, there is no reason why it should not be enforced. The basis of settlement in this case was, that ninety per cent, of the creditors for merchandise sold the debtor should sign the composition agreement. Perfect equality, unless otherwise agreed upon, should exist…
2Cited by3 opinions
- In re SimonsonDistrict Court, D. Kentucky · 1899
- Chicago, Rock Island & Pacific Railway Co. v. BuckstaffNebraska Supreme Court · 1902
- Call v. PinsonCourt of Appeals of Kentucky · 1918