Sandwich Manufacturing Co. v. Max
South Dakota Supreme Court
Appeal from circuit court, Bon Homme county. Hon. E. G. Smith, Judge. Action for the purpose of declaring a deed and bill of sale an assignment for the benefit of creditors. From a judgment sustaining the demurrer to- the complaint, plaintiffs appeal. The facts are stated in the opinion.
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Appeal from circuit court, Bon Homme county. Hon. E. G. Smith, Judge. Action for the purpose of declaring a deed and bill of sale an assignment for the benefit of creditors. From a judgment sustaining the demurrer to- the complaint, plaintiffs appeal. The facts are stated in the opinion. The transfer of substantially all the property of an insolvent debtor while insolvent, with intent to abandon business to some of his creditors to the exclusion of others, creates a trust for the benefit of all his creditors. The plaintiffs, though simply contract creditors, were beneficiaries of that trust,…
1Opinion of the CourtKellam, J.
We think the following statement at the head of appellants’ brief is a fair presentation of the facts in this case, and we adopt it as the basis of this opinion: “On or about April 15, A. D. 1892, defendants Max & Baisch were a copartnership engaged in the retail hardware business and the selling of farm machinery at Scotland, this state. Their stock of goods, book accounts, and all their other property in which they had a valuable interest or any substantia] equity as a partnership or individuals were of the nominal value of ten ($10,-000) thousand dollars, the cash value of which was $7,000…
2Cases cited39 opinions
- Union Bank of Chicago v. Kansas City BankSupreme Court of the United States · 1890
- Stewart v. DunhamSupreme Court of the United States · 1885
- Brashear v. WestSupreme Court of the United States · 1833
- Preston v. SpauldingIllinois Supreme Court · 1887
- Wakeman v. GroverNew York Court of Chancery · 1832
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3Cited by18 opinions
- Mabee v. McDonaldTexas Supreme Court · 1915
- Brekke v. CrewSouth Dakota Supreme Court · 1920
- Smith v. BakerSupreme Court of Oklahoma · 1897
- Cutter v. PollockNorth Dakota Supreme Court · 1894
- Maclaren v. KramarNorth Dakota Supreme Court · 1913
13 more not listed; retrieve them via the Exa API.