(Download) "Mayer Et Al. v. Hellman" by United States Supreme Court # eBook PDF Kindle ePub Free
eBook details
- Title: Mayer Et Al. v. Hellman
- Author : United States Supreme Court
- Release Date : January 01, 1875
- Genre: Law,Books,Professional & Technical,
- Pages : * pages
- Size : 57 KB
Description
Mr. W. T. Forrest for the plaintiffs in error. Deeds of trust or assignments made in good faith, and for the common benefit of all the creditors of a debtor, are in aid of the provisions of the Bankrupt Law, and not contrary to its spirit. They have been said 'to carry out the equitable provisions of a bankrupt law through the medium of a private contract,' and are a cheap, expeditious, and convenient mode of arriving at the objects intended by that law. Sedgwick v. Place, 1 Nat. Bank. Reg. 204; Tiffany v. Lucas, 15 Wall. 410; Clark v. Iselin, 21 id. 360; Michael v. Post, id. 398; Langley v. Perry, 2 Nat. Bank. Reg. 180. The statute of Ohio, entitled 'An Act regulating the mode of administering assignments in trust for the benefit of creditors,' has none of the distinctive features of an insolvent or a bankrupt law. It does not purport or attempt to discharge the debtor either from arrest or imprisonment, or to free him from future liability. His after-acquired property is liable to his creditors to the same extent in every particular as if he had not made an assignment in trust for his creditors. Deeds of trust are not the creatures of that law. They existed in Ohio, and were constantly recognized and used for fifty years before it was passed. They derive their force and effect from the common law, and not from the statute. The statute does not give such deeds any power or validity. All it does is to prescribe a mode of enforcing the trust. It found them already established, and simply provided for the better security of the creditors by requiring that the trustees should give bond for the faithful discharge of their trusts, and should file statements showing what had been done, and provided a simple and speedy means of enforcing and regulating the trust, which, before that act was passed, had to be sought through a court of chancery. Cook et al v. Rogers, Am. Law Reg. July, 1875, 453; In re Hawkins, 2 Nat. Bank. Reg. 122.
 "Mayer Et Al. v. Hellman" by United States Supreme Court # eBook PDF Kindle ePub Free){kind=link}