Atlantic Phos. Co. v. Law

Citations

• 45 S.C. 606
• 23 S.E. 955
• 1896 S.C. LEXIS 21

Syllabus

<p>1. Assignment for Benefit of Creditors — Assignee—Liens—Acceptance — Case Distinguished. — A creditor who holds liens on the property of a debtor, who has made an assignment, does not waive such security by accepting under the assignment; and an assignee cannot refuse an acceptance and release which conforms to the terms of the assignment. Wheat v. Dingle, 32 S. C., 473, distinguished.</p> <p>2. Ibid. — Ibid.—Time of Delivery of Acceptance. — A deed of assignment provided that all creditors who would accept and release by 12 M., December 7, should have- preference. A creditor living in Charleston mailed his acceptance and release on December 6 to his attorneys, who were assignee’s attorneys, and telegraphed it had been mailed. Two mail trains left Charleston after mailing of letter, and arrived at Darlington (office of assignee and attorneys) before 12 M., December 7. Letter was not delivered until December 8. Held, that acceptance and release were delivered in time.</p>