David Josiah Brewer

“ Undoubtedly it would be much more satisfactory to a court of equity had the law provided that the preferences and not the assignment should be void. The fact that the penalty imposed by the legislature was a harsh one, and operated unjustly upon the right of others, seems to have been something of an obstacle in the way in determining Ott's intent.' But if we apply the letter alone of the statute, then he has no cause of complaint; for the assignment, standing by itself, is without preferences, and only an assignment with preferences is denounced. ”

“ The assignment in question, standing by itself, presents no ground of challenge. It purports to be a general assignment, is for the benefit of all creditors, and contains no preferences; but the contention of plaintiff is that nearly contemporaneously with it were executed by Ott, the assignor, certain other instruments, which are to be taken as part of the one transaction, and by which preferences were given. The object of the statute was to secure equality among creditors, an object which certainly has the merit of equity. ”

“ In this latter case the court enters into a full consideration of the import of the statute, and says: 'This statute, it will be observed, does not limit or affect the right of an insolvent debtor, or one contemplating insolvency, or, indeed, any other, to sell or mortgage a part or all of his property to one or more of his many creditors, in payment or security of a particular debt or debts. And this is true, although such sale or mortgage may, practically, defeat all other creditors than the grantee from collecting their demands. ”