Dwight v. Overton

Citations

• 35 Tex. 390

Syllabus

<p>1. An assignment for tlie benefit of creditors, conveying property to trustees, with power to sell and to apply the proceeds in payment of the secured debts, is not to be regarded as a mere mortgage security, necessitating the presentation of the creditors’ claims to the grantor’s administrator for allowance; nor are the powers by it conferred upon the trustees revoked or defeated by the death of the grantor. It is an absolute conveyance, by which both the legal and equitable estate is divested out of the grantor, and vested in the trustees, sub- . ject to the uses and trusts in favor of the creditors.</p> <p>2. The case of Robertson v. Paul, 16 Texas, 472, referred to, and the ruling therein questioned, as to the effect of our probate statutes upon the rights of creditors who have been secured by an assignment of property to trustees for their use.</p> <p>3. The case of Bender v. Crawford, 33 Texas, 740, cited with approval; and the further opinion indicated that the suspension of our statutes of limitation from January 1861 to 1870, as declared by the forty-third section of Article 12 of our present Constitution, applies to our probate enactments which require claims against a decedent’s estate to tie presented to the administrator within a limited time.</p>