A Treatise on the Law of Voluntary Assignments for the Benefit of Creditors; Adapted to the Laws of the Various States

A Treatise on the Law of Voluntary Assignments for the Benefit of Creditors; Adapted to the Laws of the Various States

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This historic book may have numerous typos and missing text. Purchasers can usually download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1877 edition. Excerpt: ...z'n' specie, to certain creditorsfi So, the leading trusts, just mentioned, may be, and usually are, subdivided into minor trusts, or specific directions to the assignee, such as, to collect the debts due the assignor; to sell in a certain way; to reserve the expenses of the trust; to pay the creditors in a certain order, and the like.' In some of the States, the trusts of an assignment are governed by statute provisions regulating trusts generally. Thus, in New York, the only express trust that can be created in an assignment of lands for the benefit of creditors, is a trust to sell, and to apply the proceeds to the payment of the debts.' And. where an express trust is created for any other purpose, it is declared that no estate shall vest in the trustees.' ' 2 Story's Eq. ur. 1196 a. ' See Vilkes v. Ferris, 5 johns. 335; Dubose v. Dubose, 7 Ala. 235. ' Halsey v. Vhitney, 4 Mason. 206; Story, ., Id. 223; ln the Matter of the Estate of Potter Paige, 54 Penn. St. 465. ' Dana v. Lull, 17 Vt. (2 Washb.) 390, 397; Burd v. Smith, 4 Dal. 76; Hooper v. Tuckerman, 3 Sandf. S. C. 311. ' Bayne v. Wylie, X0 Watts, 309. ' An assignment in trust for each and all creditors of the firm is sufficiently specific; such a trust under the law imposes well defined duties. Forbes v. Scannel, I3 Cal. 242. An assignment for the payment of debts, generally, without any limitations or directions, confers upon the trustee the right to sell. Planck v. Schermerhorn, 3 Barb. Ch. 644. 242. Passive T rusz's.----A mere passive trust to hold property for another's use, cannot exist under the laws of New York. It must be created for one of the active objects enumerated in the statute, and every estate...show more

Product details

  • Paperback
  • 189 x 246 x 15mm | 499g
  • Rarebooksclub.com
  • United States
  • English
  • black & white illustrations
  • 1236878574
  • 9781236878571