Covington v. Mayers

Mississippi Supreme Court
Covington v. Mayers, 62 Miss. 730 (Miss. 1885)
Campbell

Covington v. Mayers

Opinion of the Court

Campbell, J.,

delivered the opinion of the court.

Conceding the invalidity of the assignment because of provisions in it sufficient to condemn it when assailed by creditors, the appellant was properly restrained from obtaining satisfaction of his executions by a sale of the land the appellee had purchased of the assignee.

The appellee was a creditor of the assignor (made such by his purchase of ten thousand dollars of the liabilities of the assignor with which to buy the land), and in purchasing the land for his claim merely obtained the satisfaction of his demand, to which he *733was entitled and might have obtained by legal proceedings, and which he should not be deprived of because accomplished without resort to such proceedings. Agricultural Bank v. Dorsey, 1 Freem. Ch. 338 ; Brown & Co. v. Webb, 20 Ohio 389; Webb v. Brown, 3 Ohio St. 246 ; Boyd v. Brown, 17 Pick. 453 ; Frost v. Goddard, 25 Me. 414; Stark v. Ward, 3 Pa. St. 328; Lee v. Brown, 7 Ga. 275 ; Pratt v. Cox, 22 Grat. 330.

Affirmed.

Reference

Full Case Name
J. A. Covington v. A. G. Mayers
Cited By
1 case
Status
Published
Syllabus
1. Debtor and Creditor. Conveyance, when former insolvent. Payment of debt. A conveyance of land by the assignee of an insolvent debtor to a creditor of such debtor, in payment of a valid debt, is good- against the debtor’s other creditors. 2. Same. Debtor an insolvent corporation. Creditor a stockholder. And the fact that such debtor is a corporation and the creditor a stockholder therein does not affect the validity of the conveyance.