Johnson v. J. M. Robinson & Co.

Citations

• 68 Tex. 399
• 4 S.W. 625
• 1887 Tex. LEXIS 704

Syllabus

<p>1. Assignment.—A conveyance which contains no condition of defeasance and which passes the property absolutely to another to be administered by him according to its terms, first to pay a preferred debt from the proceeds of the property and to appropriate the balance to the satisfaction of other debts, can not be regarded as a mortgage, but must be treated as an assignment.</p> <p>2 Same.—Such deed of assignment, which contains nothing on its face to show that the assignor was insolvent, or made the conveyance in contemplation of insolvency, is not a statutory assignment. It did not purport to convey all the property of the assignor, and though its chief object was from its terms to secure a preferred creditor, there being no evidence of the intention to defraud, it must be held valid at common law.</p> <p>3. Same—Partnership.—Such an assignment, made by one partner in a firm, the other partner being absent from the State, when made to secure a firm debt, is a valid conveyance.</p> <p>4. Same.—Such an assignment is not rendered invalid by the fact, that its execution was induced by threats of the asssignee to attach the property of the assignor to enforce payment of his debt.</p>