Union & Planters' Bank v. Allen

Citations

• 77 Miss. 442

Syllabus

<p>1. Assignments fob Cbbditoes. Aiding deeds.</p> <p>Where an assignment for the benefit of creditors and deeds executed in aid of it are in contemplation of law but one instrument, it is immaterial whether the assignment conveyed only personalty, the aiding deeds alone conveying the land, or whether the assignment conveyed both species of property.</p> <p>2. Same. Composition. Revocation.</p> <p>Where an assignee in an assignment for the benefit of creditors has been invested with the legal title to lands and personalty and afterwards, in pursuance of a composition agreement made between the assignors and their creditors, surrenders possession of and delivers up the personalty, retaining title to the land, the assignment is revoked as to the personalty but not as to the lands, if the composition agreement expressly provides that the assignee shall retain title to the latter until the payment of notes given for the debts sought to be secured.</p> <p>3. Same. Assignor as agent of assignee.</p> <p>If an assignment executed by the members of a co-partnership for the benefit of co-partnership creditors be so modified by a composition agreement between the assignors and their creditors as no constitute the assignors (who are thoroughly familiar with the lands conveyed and their environments and capable and efficient to perform the service) the agents of the assignee to negotiate sales of the lands, power being reserved in the assignee to consummate or reject such proposed sales, this does not render the assignment void as to a creditor of one of the partners.</p> <p>4. Same. Extension of time to perform trust.</p> <p>An extension of time to an assignee in an assignment for the benefit of co-partnership creditors in which to perform his trust, if made by a composition agreement between the assignors and their co-partnership creditors, does not, where the extension is reasqnable, necessary and incidental to a proper discharge of the trust, render the assignment-void as to