Pollock v. Sykes

Citations

• 74 Miss. 700

Syllabus

<p>1. General Assignment. Deed of trust. Several instruments. Intent.</p> <p>Whether a deed of trust to secure a creditor shall be treated as part of a general assignment, made shortly afterwards by the debtor, is to be determined by the intent and purpose of the grantor in executing the former; time, in such case, being of evidential value only.</p> <p>3. Same.</p> <p>Where a merchant, determined to execute a deed of trust to secure certain creditors, consulted a lawyer for the purpose of so doing-, and, being advised by the lawyer that it would necessitate an assignment, nevertheless executed the deed of trust, and shortly afterwards, on same day, made a general assignment, the two deeds are not to be construed as parts of the same transaction, and the deed of trust is not void.</p> <p>3. Same. Tendency of authorities.</p> <p>The tendency of recent well-considered authorities, is to recognize the view that preferences were allowed at common law, and that the principles of an insolvent or bankrupt Taw are not applicable to the making of general assignments.</p> <p>4. Same. Code 1893, ch. 8.</p> <p>In case of a general assignment, administered under code 1893, ch. 8, in which the trustee and beneficiaries in a deed of trust are made parties to the suit — the assignment covering the equity of redemption in the property conveyed by the deed of trust — the distinct natures of the trusts are not affected by the fact that the parties to the deed of trust united with the assignee and receiver in a petition to have the receivership extended over the entire property.</p> <p>5. Same. Personal decrees.</p> <p>In case of a general assignment, administered under code 1893, ch. 8, creditors who file cross petitions, and establish their debts, are entitled to personal decree against the assignor, even if they fail in the attacks upon the validity of the assignment.</p>