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62 Miss. 730

Covington v. Mayers

Mississippi Supreme Court

Decided April 15, 1885

Mississippi Supreme Court · decided 1885-04-15

Hon. T. B. Graham, Judge. On the 1st day of January, 1879, the Nankin County Savings Institution, being unable to continue business longer, made an assignment to Peter Fairly, as assignee and trustee, purporting to be for the benefit of its creditors.

Relies on Lee v. Brown · Frost v. Goddard

Decided 1885-04-15

Campbell, J.,

¶1delivered the opinion of the court.

¶2Conceding 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.

¶3The 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.

¶4Affirmed.

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