Wood v. Franks

Citations

• 67 Cal. 32
• 7 P. 50
• 1885 Cal. LEXIS 535

Syllabus

<p>Partnership—Assumption of Firm Note— Consideration.—A promise by one partner to assume the payment of a note executed in favor of the firm, and to charge himself with the amount thereof on the firm books, is a sufficient consideration to sustain a transfer of the note to him by the partnership.</p> <p>Insolvent—Transfer of Property to Creditor—Fraudulent Conveyance. —Neither part ii., title ill., of the Civil Code, nor the statute of frauds, prevent a debtor, admittedly insolvent, from transferring his property directly to his creditor, either absolutely in payment of his debt, or as security by way of mortgage.</p> <p>Id. — Chattel Mortsaqe—Future Advances—Question of Fraud for Jury. —A chattel mortgage given for a greater sum than is due by the mortgagor to the mortgagee, to secure both a present indebtedness and future advances, is not fraudulent in law as to creditors of the mortgagor, because given for a greater sum than is due, even though the mortgage does not express upon its face that the excess is for future advances. Whether such mortgage was given in good.faith is a question for the jury.</p>