Acme Lumber Co. v. Hoyt & Bros.

Citations

• 71 Miss. 106

Syllabus

<p>1. Fbatjdulent Conveyance. Trust-deed. Propertyconsumableinuse. Reservation.</p> <p>A trust-deed of its lands, the most valuable part of its assets, and chieily valuable because of the timber, executed by a company engaged in converting the timber into lumber is per se fraudulent as to creditors, where the debts secured do not mature for five years, and where the deed reserves to the company the right to prosecute its business in the usual manner, and, after paying interest on the debts secured, to distribute its income to the stockholders. Harman v. Hoskins, 58 Miss., 142.</p> <p>2. Same. Mortgage void on its face. Bona fide purchaser.</p> <p>Where a mortgage is void on its face, the beneficiaries thereof cannot occupy the relation of bona fide purchasers. Johnston v. Dick, 27 Miss., 277.</p>