Martin v. Clark

Citations

• 116 Ill. 654
• 7 N.E. 353

Syllabus

<p>1. Consideration—to support deed of assignment by wife to pay husband’s debts. An agreement of creditors to release their debtor is a sufficient consideration to support a. deed of assignment, made by the debtor and wife, of her lands to a trustee, for the benefit of the creditors.</p> <p>2. Trust—declaration of trust—what sufficient. If an agreement between a debtor and his creditors for the conveyance of the land of the wife of the former, in trust for the payment of his debts, shows upon what trust the conveyance is to be made, the copying of it in the deed before its execution will show the trust upon which she parts with her land, although she may not have signed such agreement.</p> <p>3. Same—conveyance in trust—how far absolute—of the interest remaining in the grantor. A written agreement was entered into between a debtor and his creditors, to the effect that the former should cause his wife’s lands to be conveyed to a trustee to be agreed upon, who was to have power to sell the lands and personal property to be included in the deed, and distribute the proceeds, after paying the expenses of the trust, pro rata, among the creditors, and any surplus to the debtor, and in consideration thereof the creditors agreed to release and forever discharge him from all his debts, etc., and the debtor and his wife made such conveyance, in which such written agreement was copied: Held, that by such agreement and conveyance the debtor and his wife parted with their entire interest in the lands, and the husband’s debts were forever discharged. The only interest the debtor had in the matter was any surplus that might be left after paying all his debts.</p> <p>4. Same—sale by trustee—how far binding—remedy if sale is wrongfully made. If a trustee holding land for the benefit of creditors sells and conveys the same to a purchaser, with the consent of some of the principal creditors, they will be estopped to complain that the sale is wrongful, and the sale, if wrongfully made