Ingraham v. Grigg

Citations

• 21 Miss. 22

Syllabus

<p>A delivery to the trustees in a deed of assignment by a bank for the benefit of its creditors, is equivalent to a delivery to the cestui que trusts.</p> <p>So also the record of a deed of that nature amounts to prima fade evidence of delivery.</p> <p>It was held not to be sufficient proof, that a deed of assignment made by a bank in this state, in 1842, and which was recorded, was made to take effect upon a condition, that one of the directory testified that it was his understanding, that such was the fact; especially when the reasons urged for the execution of the deed tended to an opposite conclusion.</p> <p>A deed of assignment by a bank for the benefit of its creditors, which conveys all its assets and property, except certain specified portions, to trustees, is not void because of this reservation ; a debtor may convey part of his property in trust for his creditors, if he leave the residue open to their debts.</p> <p>A bank making an assignment of its effects for the benefit of its creditors, may stipulate that no interest shall be paid out of the assets and property conveyed, until the whole principal of all the debts is paid ; such a provision may give some advantage to a part of the creditors over others, but it secures no benefit to the bank ; and a bank may, in an assignment of that nature, make preferences among its creditors, even to the exclusion of some.</p> <p>Such a provision does not exclude the mode of computing interest according to our statute; for if there be funds enough to pay interest after the principal is paid, the interest may yet be computed according to the statute to ascertain the interest due ; and even if it did exclude that mode of computing interest, the creditors who assent to the deed may renounce the benefit of. a statute created in their behalf.</p> <p>Large salaries stipulated to be paid to trustees in a deed of assignment, for the benefit of creditors, do not necessarily vitiate the deed upon its face.</p> <p>A deed may de