Mann v. Wakefield

Citations

• 179 Pa. 398
• 36 A. 244
• 1897 Pa. LEXIS 653

Syllabus

<p>Assignment for benefit of creditors — Trustee—Act of April 17, 1843.</p> <p>An instrument under seal containing a declaration of trust, made by debtors, on account of present inability to pay their debts, with intent to prefer certain creditors over others, is a voluntary assignment for the benefit of creditors, and under the act of April 17, 1843, P. L. 273, enures for the benefit of all creditors; and it is immaterial that no residuary interest was expressly reserved in favor of the assignors, or that the assignment involved the completion of certain contracts. The creditors preferred under such an instrument are not bona fide purchasers for value, but are mere volunteers.</p>