McClain v. Pittsburg Stock Exchange

Citations

• 219 Pa. 435
• 68 A. 1031
• 1908 Pa. LEXIS 594

Syllabus

<p>Assignment for creditors — Refusal of assignee to act — Title to property— Seat in stock exchange — Receiver—Act of June 14, 1836, P. L. 628.</p> <p>A deed of assignment for the benefit of creditors, duly recorded, vests in the assignee the title of the assignor, independent of the fact whether the assignee accepts or declines the trust. No trust will be permitted to fail or become noneffective by reason of the failure of the trustee to accept and perform the entries imposed by the trust. The deed of assignment conveys the property and creates the trust, and thereafter it is not in the power of the assignor or the assignee to defeat the trust. If the assignee renounces the trust, or refuses to act under or execute the same, sec. 23 of the Act of June 14, 1836, P. L. 628, provides that the court, shall appoint an assignee in his place.</p> <p>Where two copartners in a brokerage business make a voluntary assigriment as individuals and copartners for the benefit of their creditors, the title to a seat owned by them in a .stock exchange passes to the assignee, and a receiver subsequently appointed in an equity suit by a creditor against the partnership, can take no interest whatever in the .seat; and this is the case although the assignee named in the deed of assignment and a person appointed in his stead by the court, both refuse to accept the trust. In such a case the trust will not fail for want of a trustee.</p>