Keating v. Vaughn

Citations

• 61 Tex. 518

Syllabus

<p>3. Assignee — Appointment of by county judge.— Under the fourteenth section of the act of March 34, 1879, which authorizes the county judge to remove an assignee for the benefit of creditors, and to appoint another in his stead, the judge may accept a resignation of the assignee named by the debtor, who announces his refusal to act, and appoint another in his stead. The acceptance of the resignation is equivalent to a removal.</p> <p>3. Assignment for benefit of creditors.— When the deed of. assignment made for the benefit of creditors conveys designated property, without specifying in terms that it mentioned all the property owned by the assignor, but there was attached to and made part of the assignment, an inventory, which contained a declaration that the property therein named was all the estate of the assignor of every description, except such as was exempt from forced sale,— the two papers were construed as one, and as a compliance with the second section of the act of March 34, 1879, which required a conveyance of all the debtor’s property except that which was exempt.</p> <p>3. Same — Statute construed.— Under the first and ninth sections of the act of March 34, 1879, every conceivable interest of the assignor in the property which he owned had passed by the deed to the assignee, and it was unimportant whether the assignment reserved a surplus that might remain after satisfying consenting creditors.</p> <p>4. Same. — Under such an assignment, which is made for the benefit of consenting creditors according to its terms, though non-consenting creditors do not take, under the eighth section of the act above referred to, they may garnishee any excess which may remain in the hands of the assignee after the payment of consenting creditors. If no such remedy should he resorted to, the excess should be paid into the district court, to be disposed of by its decree to creditors entitled thereto, and if there should he none, after the lapse of a reasonable time, who