Cooper v. . McKinnon

Citations

• 29 S.E. 417
• 122 N.C. 447
• 1898 N.C. LEXIS 283

Syllabus

<p>Action to Set Aside Deed of Assignment — Assignment for Benefit of Creditors — Validity of Deed of Assignment.</p> <p>1. The requirements of the Act regulating assignments for the benefit of creditors (Chapter 458, Acts of 1893), are mandatory.</p> <p>2. A deed of assignment for the benefit of creditors becomes absolutely void, both as to ereditors and as between the parties, by the failure of the assignee to file a schedule of preferred debts within five days.</p> <p>3. Where an assignor in a deed of assignment failed to file the schedule of preferred debts within five days, and thereafter filed a new deed of assignment covering the same property but making changes in the preferences, Held, that the new deed vested the property in the assignee subject to the trusts imposed thereby.</p>