Baum v. A. Pearce & Co.

Citations

• 67 Miss. 700

Syllabus

<p>1. Assignment foe Cbeditoes. Ambiguous provision. Ut res magis valeat quam pereat.</p> <p>A provision that the assignee is “ to dispose of for cash or otherwise, as is customary or according as the law directs, or shall he agreed upon by a majority of the said creditors,” all of the property, conveyed does not render an assignment void. Under the maxim ut res magis valeat quam pereat, an interpretation will be given to the ambiguous language that will uphold the instrument.</p> <p>2. Same. Retention of property by grantor. Vitiates general assignment. Intent.</p> <p>One cannot assign his property for the benefit of creditors and yet hold and control it. If the grantor in a general assignment retains and controls certain of his choses in action which the deed recites are held by certain creditors as collateral security, the assignment will be void. In such case his motive in withholding the assets is immaterial.</p>