Summary

Portrait of Samuel Freeman Miller Samuel Freeman Miller Denny v. Bennett — Opinion of the Court

That statute provides that, whenever the property of a debtor is seized by an attachment or execution against him, he may make an assignment of all his property and estate not exempt by law, for the equal benefit of all his creditors who shall file releases of their debts and claims, and his property shall be equitably distributed among such creditors.
Source: Wikisource

Portrait of Samuel Freeman Miller Samuel Freeman Miller Denny v. Bennett — Opinion of the Court

The power is conceded, when not forbidden by the statutes of a state, to a failing debtor to make a general assignment of his property for the benefit of his creditors, as this one does. It is further admitted that in such an assignment, if there be nothing fraudulent otherwise, he can prefer some creditors over others, and that he can secure to some payment in full while he leaves others who will certainly get nothing out of his estate.
Source: Wikisource

Portrait of Samuel Freeman Miller Samuel Freeman Miller Denny v. Bennett — Opinion of the Court

However this may be, it is very certain that the established construction of the constitution of the United States against impairing the obligation of contracts requires that statutes of this class shall be construed to be parts of all contracts made when they are in existence, and therefore cannot be held to impair their obligation. The act in question in the present case does not exceed many of the class to which we have alluded in its effect in enabling the debtor to dispose of his property without regard to the ordinary judicial proceedings to subject it to forced sale.
Source: Wikisource

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