McIlhenny Co. v. Craddock

Citations

• 68 Tex. 359
• 4 S.W. 616
• 1887 Tex. LEXIS 697

Syllabus

<p>1. Deed of Assignment for Benefit of Creditors.—A deed of assignment conveyed for the benefit of such creditors as would consent to take under it. a stock of goods, specifying their “supposed” value and locality, also the amount of “ about three hundred dollars of notes and accounts,” and which, “for a more particular description” of the property conveyed, referred to an inventory thereto attached as an exhibit. The exhibit read in evidence contained a list of the assignor's creditors, a specific description of his merchandise, of certain lands, his homestead and articles of furniture and domestic use, cash on hand and aggregate amount of notes due, reserving in terms from the operation of the assignment such as were exempt from forced sale. The assignee appended to the exhibit an affidavit that the schedule of his assets and indebtedness was “in all respects just and true,” held-.</p> <p>(1) The assignment, though not so full and specific as the statute requires, was wanting only in those things not essential to its validity.</p> <p>(2) It is not necessary that the deed of assignment should have in terms made the right to releases dependent on the receipt by accepting creditors of one-third of the amount due them; that is regulated by law.</p> <p>(3) If an accepting creditor should receive less than one-third of the amount due him he would not be bound to execute a release.</p>