Barton v. Brent

Citations

• 87 Va. 385
• 13 S.E. 29
• 1891 Va. LEXIS 81

Syllabus

<p>1. Deeds—Invalid acknowledgment—Recordation.—Deed of trust by husband and wife to a trustee, who, as notary, took their acknowledgment, the . recordation is invalid as to both, and the deed wholly void as to the wife, and as to the husband, valid only between the parties and as to third persons having notice thereof. Bowden v. Parrish, 86 Va., 67.</p> <p>2. Insolvent Debtor—Preference among creditors.—It is settled doctrine in this State that a debtor in insolvent circumstances may make an as signment, preferring one, or more, of his creditors to the rest. Paul v. Baugh, 85 Va., 955.</p> <p>S. Assignment to Wipe—Consideration—Estimate of adequacy— Case at bar.— Testator devised house and lot to daughter on condition if she died without issue, then, over. Same was sold under decree, and proceeds invested on same terms, in two bonds of husband, aggregating $3,000, held by a bank, and supposed to be secured by a trust deed, which proved to have been invalidly acknowledged. Later, husband assigned to wife his interest in the property devised her by her father (which was the use for their joint lives of the said two bonds), in consideration of B. & Co.’s release of debt of $400, due them from him. Another creditor of husband brought suit to annul the assignment as being without valuable and adequate consideration. Master reported life interest as worth $2,132.23, calculated by the tables of mortality. The evidence tended to show the real value of his interest, not to exceed §500: held, the consideration was valuable and not shown to be inadequate. Assignment was not a post-nuptial settlement, but, as it were, one by debtor to creditor, and by latter to the wife. No correct estimate of value of husband’s interest in the notes, could be made from the life-tables according to rule in Strayer v. Long, 86 Va., 557.</p> <p>4. Principal and Surety—Subrogation.—Surety cannot be subrogated to the benefit of trust deed executed to secure the debt, until he pays the same, and th