Standard Paper Co. v. Krauthoefer
Standard Paper Co. v. Krauthoefer
Opinion of the Court
The statute (R. S. 1818, sec. 1694) declares that all voluntary assignments for tbe benefit of or in trust for creditors shall be void “ unless the assignee shall be a resident of the state, and shall, before taking possession of the property assigned, and before taking upon himself any trust conferred upon him by the instrument of assignment, deliver to the county judge or court commissioner of the county in which such assignor or some one of the assignors at the time of the execution of such assignment shall reside, not being a creditor of sueh assignor, a bond duly executed to the clerk of the circuit court of the county, by his name of office, as obligee, in a sum not less than the whole amount of the nominal value of the assets of such assignor, which value shall be ascertained by the oath of one or more witnesses and of the assignors, with two or more sufficient sureties, freeholders of this state, who shall each testify to his responsibility, and by their several affidavits satisfy the officer taking such bond that the property of such sureties, being within this state, is worth in the aggregate the sum specified therein; and the bond shall be conditioned,” etc.; and it is required by sec. 1695 to be filed, with a copy of the assignment, in the office of the clerk of the circuit court by the officer taking the same. Sec. 1696 provides, in substance, that the assignees’ consent to take upon themselves-the trusts specified in the assignment shall be evidenced by ■written indorsement on the copy of the assignment to be filed with the clerk of the circuit court, and that they shall certify thereon that it is a true copy of the original assignment, and the officer taking the assignment and bond is required to indorse on such copy his certificate to certain facts-therein stated.
Many cases have arisen in which there has been some real or alleged failure to comply with the provisions of the sections above referred to, and, without citation or comment in
By the Court.— The judgment of the circuit court is reversed, and the cause is remanded for further proceedings according to law.
Reference
- Full Case Name
- Standard Paper Company v. Krauthoefer, Garnishee
- Status
- Published