Summary

Portrait of Smith Thompson Smith Thompson Inglis v. Trustees of the Sailor's Snug Harbour in the City of New York…

On general principles, rights of action are not assignable, but that is a rule founded on the policy of the common law, which is averse to encouraging litigation. But the policy of the bankrupt law requires that the right of action should be assignable, and transferred to assignees, as much as any other species of property. Its policy is, that every right, belonging in any shape to the bankrupt, should pass to the assignees.
The estate of the debtor, under the New York statute, becomes vested in the trustees, by the mere act and operation of law, without any assignment.
Source: Wikisource

Portrait of Smith Thompson Smith Thompson Inglis v. Trustees of the Sailor's Snug Harbour in the City of New York…

If, after such a plain and unequivocal declaration of the testator with respect to the disposition of his property, so cautiously guarding against, and providing for every supposed difficulty that might arise, any technical objection shall now be interposed to defeat his purpose, it will form an exception to what we find so universally laid down in all our books, as a cardinal rule in the construction of wills, that the intention of the testator is to be sought after and carried into effect.
Source: Wikisource

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