Handley v. A. Pfister & Co.

Citations

• 39 Cal. 283

Syllabus

<p>Tbansfeb of Pbopebty fob the Benefit of Ceeditobs.—Lien Attachment.— Where a debtor transfers to a creditor personal property to be sold by him, and the proceeds applied to the payment of his debt and the debts of certain other creditors, with their consent, the transferee and those he represents obtain alien upon the property and its proceeds, superior to any which other creditors could acquire by the subsequent levy of an attachment or other process thereon.</p> <p>Idem.—Tbust.—A transfer of property by a debtor to a creditor, who undertakes to sell the same and apply the proceeds to the discharge of his own debt and those of certain other creditors, with the assent of the latter, clothes such creditor with a power, coupled with a trust for the benefit of those others, which he cannot relinquish until those debts are discharged.</p>