Claflin & Co. v. Iseman

Citations

• 23 S.C. 416
• 1885 S.C. LEXIS 118

Syllabus

<p>1. An assignment for the benefit of creditors in which an interest is reserved to the assignor without provision for the payment of all his debts, is fraudulent.</p> <p>2. An assignment for the benefit of creditors, giving preferences to such creditors as shall accept and release, but making no provision for non-accepting creditors, and directing that the assignee should, “after the payment of all the creditors who accept, pay over the balance to me, if any balance should remain in his hands,” is null and void, as well under the law as it existed prior to 1882 as under section 2014 of General Statutes; and it may be vacated by a non-accepting creditor, notwithstanding no actual fraud was intended and the demands of the creditors who accepted far exceeded the assets of the assigned estate.</p> <p>3. A non-accepting creditor having successfully assailed this assignment, after judgment against the assignor and return of nulla bona, he is entitled to be paid first out of the assigned estate.</p> <p>4. Petition for rehearing refused, it not bringing to the attention of this court any material fact or important principle that was overlooked in-the decision of the case.</p>