Bulifant's Estate

Citations

• 50 Pa. Super. 373
• 1912 Pa. Super. LEXIS 59

Syllabus

<p>Assignment for creditors — Contract—Inventory and appraisement— Accounting — Act of June 14, 1886, P. L. 688.</p> <p>Where a person engaged in business and largely indebted, but not shown to be insolvent, enters into a contract with a committee of his creditors, assented to by all of the creditors, by which he assigns all of his property and assets to the committee as trustees with power to continue or discontinue the business, sell the assets, pay the proceeds ratably among creditors, and the remainder to the assignor, no one of the creditors after the committee has elected to continue the business, has a right to cite the committee to file an inventory, appraisement and account in accordance with the Act of June 14, 1836, P. L. 628. Such a contract is not an assignment for the benefit of creditors within the meaning of the act of 1836.</p>