Cohen v. Gibbes
Cohen v. Gibbes
Opinion of the Court
delivered the opinion of the Court.
We are of opinion that Philip Cohen’s title to the King Street lot, was out of him by his assignment under the insolvent debtor’s act, and consequently that he could convey no title to the plaintiff. It may be true, according to the idea of the presiding judge, that such an assignment between individuals would transfer only an equitable interest. But the express terms of the act are, that all the “estate interest and property of the debtor,” shall by it be vested in the as-signee. Between individuals too, such an assignment could have no effect unless accepted. But property may be vested by operation of law without the party’s assent. So property is vested in the commissioners of bankruptcy under the operation of the bankrupt laws. If there be a devise to a trustee who refuses to accept, the estate does not vest in the heir at law. Equity will supply the defect of a trustee. The act is positive, that the assignmentto the creditor, or such person as the Court may direct, shall have the effect of vesting the whole property and estate in the assignee. There is nothing absurd or ineonsis-
The motion is granted.
Case-law data current through December 31, 2025. Source: CourtListener bulk data.