Pennington v. Seal

Citations

• 49 Miss. 518

Syllabus

<p>1. Trustee — when Respinsibpe foe Trust Fund. — If a trustee, v> bother his duties aro defined by the law, or by instructions given by the individual who may ap. point him, exceeds his authority, or disobeys the instructions given him, he acts at his peril and assumes responsibility for the consequences,</p> <p>2. Voluntary Conveyances.-,The oreditor who may set aside a voluntary conveyance, must be such at the date of the conveyance ; as to him, the law presumes that it is void, and the grantee or donee must establish the circumstances which repel the presumplion of fraudulent inlout, Kolhoim v. wdson, 46 Miss., 346.</p> <p>3. Saatf. — Who are CuEniTons 1 — The general rule is, that a liberal construction must be put upon the statute in allowing the character of oreditor. Heneo, a person liablo contingently asan accommodation endorsor, before the dishonor of a note, is a creditor, Hausmet v. Dundass, 4 Barr R., 118. So, also a surety of the principal obligor and of his co-sureties, from the time the obligation is entered into, Williams et al. v. Banks, 11 Md. B., 242. A trustee, beoomes a debtor from the time ho receives the trust funds.</p> <p>4. Homestead Exemptions, — 1The exemption of the homestead is dependent upon the facts, that the debtor claimant is the head of a family and resides upon tbs premises. He is entitled to continue his oocupancy, notwithstanding, there may be judgment creditors. It is lost by abandonment; nor does it matter under the statute of 1857. and the amendment of 1865, that the abandonment of the occupancy, was to a purchaser for a valuable consideration. Whitworth v. Lyons, 3$ Miss., 467. Nor does it matter to the creditor hv what sort of a title the debtor occupies. The increased exemption of the statuto of 1865, cannot ho allowed to pre-existing creditors, Lessleyy. Jfhipps, (MS. opinion.)</p>