Ceding

“ Certain specified portions of real estate, and personal estate on part of it, are set apart for the payment of debts.
3. All the rest of the estate is given for the maintenance of the family of the testator, and for the maintenance of the children.
Such a will may be wise, or it may be unwise, but it is a good will and lawful; and it is the duty of an executor to execute it if he can. The power to do so depends on the creditors; and they have agreed; they take the trust, and ask its performance. Can the legatees object to this? ”

“ Thanks to Colonel Conrad’s admirable business management, the creditors are few, and their claims are small. The amount of property, after all settlements are made, will be about two hundred and fifty thousand dollars, besides Elm Grove. You are aware that, by the terms of the will, fifty thousand dollars are left to sundry charitable and educational institutions; the homestead here is left to you unconditionally, and that the balance is left to me in trust for my own use, with the exception of an annual income of three thousand dollars to be paid to you. ”

“ As long as Lord A and his son lived—probably for a whole generation—the land lay at the mercy of men who, already long kept out of their money, would grudge every penny spent on improvements. It was to the interest of the creditors to repay themselves before the son of Lord B should come of age and make a new settlement. We may be sure that the creditors would not spend a farthing more than they could help on improving the estate for Lord B's son. ”

“ As assignee the trust company takes possession of the property assigned for the purpose of carrying out the terms of the deed of assignment in the interest both of the assignor and the creditors of the assignor. The deed of assignment is an acknowledgment of an embarrassed or insolvent condition, and the efforts of the assignee are directed to realizing as much as possible from the assets intrusted to its management. ”

“ Justice Story, 'of a composition or trust deed, in cases of insolvency, usually is that the property of the debtor shall be assigned to trustees, and shall be collected and distributed by them among the creditors, according to the order and terms prescribed in the deed itself; and, in consideration of the assignment, the creditors, who become parties, generally agree to release all their debts beyond what the funds will satisfy.' 1 Story, Eq. ”

“ You may bring the walls about their ears when you will. If you choose, we can proceed to extremities at once. Nothing can save them. You are practically the sole creditor, for you have got the home mortgages into your own hands. You have no rivals to contend against. The estate must be sold, and if you choose to become possessor of Court Royal you may.’
Lazarus rubbed his hands, and crowed, rather than laughed. ”

“ The beneficiary heir shall, at the time of such settlement, have a right to be paid, as any other creditor, all debts due him by the deceased, and shall, moreover, he entitled to the balance of the proceeds of the sale of the estate, if any such balance be left after the payment of all the debts and charges of the succession.' As the debts due to the heirs in the present case were satisfied and paid by the property received for that purpose, this article has no special bearing upon the result. ”

“ Subdivision a of § 60 is as follows:
'Preferred Creditors.-a. A person shall be deemed to have given a preference if, being insolvent, he has procured or suffered a judgment to be entered against himself in favor of any person, or made a transfer of any of his property, and the effect of the enforcement of such judgment or transfer will be to enable any one of his creditors to obtain a greater percentage of his debt than any other of such creditors of the same class.' [30 Stat. at L. 544, chap. 541.] ”

“ I propose in a Codicil to be hereunto annexed to give a list of my debts, and to point out the resources from which they are to be paid, and I authorize my said Executors to settle all suits and claims which I may have against any person whatsoever, and to give receipts and acquittances thereupon, and to sell any land or real estate to which I may be entitled at the time of my death, and to give deeds therefor. ”

“ Even if this view be correct, it disproves not the probability that the thirty days applied to various kinds of cases.
[14] "Shall cut pieces" (partes secanto) is explained variously: "to divide the debtor's functions or capabilities", "to claim shares in the debtor's property", "to divide the price obtained for the sale of the debtor's person", "to divide the debtor's family and goods", "to announce to the magistrate their shares of the debtor's estate"; the old Roman writers, however, understand by the phrase that the creditors can cut their several shares of the debtor's body! ”

“ If a succession is so small or is so much in debt that no one will accept the curatorship of it, the judge of the place where the succession is opened, after having ordered an inventory of the effects composing it, shall appoint the district attorney of the district, or the district attorney pro tempore of the parish, curator of said succession, who shall cause the effects to be sold, and the proceeds to be applied to the payment of its debts ”

“ There is a tacit or quasi contract made by an executor in receiving property of a succession, that he will pay it to the parties to whom it rightfully belongs, that is, first to the creditors, then to the legatees, then to the heirs of the deceased. ”

“ Until my debts are cleared off, the charge of everything shall continue in the hands of the executors appointed under the provisions of this Will. When the debts will have been paid off, those lawful heirs that will be existing at the time, shall inherit all my assets and shall enjoy the proceeds after paying the stipends determined by the seventh, ninth, tenth, eleventh, twelfth, fourteenth, and fifteenth clauses. When those heirs will attain majority, the executors shall make over everything to the heirs, and then retire. ”

“ Where, however, a mortgagee has exhausted the personal assets, instead of taking the estate over which he held his particular power, the legatee will come upon the mortgaged premises for the satisfaction of his claim, for the personal assets ought not to be so appropriated, to the defeating of any legacy, either specific or pecuniary. Where, also, a specialty creditor shall have exhausted the personalty, the legatee will have a claim upon the real estate before a residuary devisee. ”

“ Legal substitution into the rights of a creditor, for the benefit of a third person, takes place only for his benefit who, being himself a creditor, satisfies the lien of a prior creditor, or for the benefit of a purchaser who extinguishes the incumbrances upon his estate, or of a coobligor or surety who discharges the debt, or of an heir who pays the debts of the succession. ”

“ No creditor will be permitted to disregard and treat as an absolute nullity a judgment accepting a surrender made by his debtor and granting a stay of proceedings. * * * The acceptance for the creditors, by the court, of the ceded estate, vests in them all the rights and property of the insolvent, whether placed on the schedule or not, and the syndic may sue to recover them. ”

“ In view of the great responsibility and labor which my executor will encounter in managing the affairs of my estate, as directed in my said will, and in consideration of the great kindness he has shown to me, and of the assistance in taking care of my business when I had no other friend to help me, I will and bequeath that he, my said executor, shall have, take and receive, in addition to the usual commissions allowed by law to executors as commissions for receiving and paying out money, five percent of the appraised value of my entire estate, both real and personal. ”

“ We thought we had made a settlement with them at one time, which we did, and the executors of the estate took their releases which exonerated them from all blame, and they avowed themselves satisfied with the settlements made. But then, some men's word and some men's signatures do not amount to much. What next? Why, some of our very pure and high-minded lawyers are not above entering into such things because of a little monetary inducements. ”

“ Article 1988, Paschal's Digest, reads as follows: 'All bargains, sales, and other conveyances whatever, of any lands, tenements, and hereditaments, whether they may be made for passing any estate of freehold or inheritance, or for a term of years; and deeds of settlement upon marriage, whether land, slaves, money, or other personal thing, shall be settled or covenanted to be left or paid, at the death of the party or otherwise ”

“ Even were the deed in trust to Hooff defective, a court of equity would lend its aid in favor of a creditor. 1 Story, Eq. Jur., §§ 95, 96, 97, 169, 170, and cases there cited. A feme covert may bind her separate property, for her own or husband's debts, and will be held to a specific performance of her contract. ”

“ I have made strict inquiry into this matter, and have sent down special commissioners to seek speech with your kinsman now in possession, and to make some settlement with him for the restitution to you of the estate. It is not fitting that one to whom the country and its Queen owe a debt of gratitude should be ousted from his inheritance either by the cunning craft of a greedy miser, or for lack of means to satisfy a creditor and release his lands from debt. ”

“ An heir, to whom a dry remainder expectant upon an estate for life descended, might, at common law, plead riens per discent to an action on his ancestor's bond debt. Fortrey v. Fortrey, 2 Raithby's Vernon, 134.
3. The words 'where any lands, tenements, or hereditaments shall be held,' in the statute of partitions, were held not to authorize a naked remainder-man or reversioner to be a plaintiff. ”

“ The personal action which the creditors of a succession can exercise against the heirs has for its basis the obligation which the heirs are under to discharge the debts of the deceased. This action is modified according as the deceased has left one or several heirs. ”

“ By this act it was decreed, that “all wills and testamentary limitations, dispositions or appointments of real estates, whereof any person shall be seized in fee simple, in possession, reversion or remainder, or have power to dispose of by will, shall be deemed fraudulent and void as against creditors, by bond, covenant, or other specialty binding his heir,” and right of action is given the creditors against the heir or devisee. ”

“ I will willingly settle upon you the castle and manor of Ellieslaw, to shew my parental affection and disinterested zeal for promoting your settlement in life. The annual interest of debts charged on the estate somewhat exceeds the income, even after a reasonable rent has been put upon the mansion and mains. But as all the debts are in the person of Mr Ratcliffe, as your kinsman's trustee, he will not be a troublesome creditor. ”

“ I hereby bind myself, my heirs and successors, to give you the said land free of any quit rent for three years from this date, as also to procure you a patent for the same at your expense, upon your having done the settlement duties and your granting me a [Pg 25] mortgage upon said lands, that you will yearly thereafter pay to me, my heirs and successors for ever one bushel of wheat or Indian corn, or oats of like value, for every cleared acre upon the said Lot of Land in name of Quit Rent for the same, in month of January in each year. ”

“ I hereby leave to the trustees appointed by Act of Part to carry into execution the objects of the various Grants to me, my house in Piccadilly London with its furniture and all I possess in money and other valuables in the funds in Exchequer Bills and elsewhere according to the schedule annexed in trust for the following purposes:
“First: To carry into execution my Marriage Settlement with the Duchess of Wellington.
“Secondly: To pay to all my servants one year’s wages beyond what may be due to each on the day of my death.
“Thirdly: To pay all my just debts. ”

“ When a seizing creditor has a privilege or a special mortgage on the property seized, for the debt of which all the installments are not yet due, he may demand that the property be sold for the whole of the debt, provided it be on such terms of credit as are granted to the debtor by the original contract for the payment of such installments as are not due.' 'Art. ”

“ Why is it that there is not such a thing as the making an assignment for the benefit of one’s heart’s creditors? He might then place himself in the hands of some respectable chaperone as assignee, and pay each of the contracting parties thirty-three per cent. ”

“ The person who takes out administration to his estate, in most cases, cannot know who are his creditors, and may not know who are his next of kin; and the administration of his estate may be exposed to great delay and embarrassment. A court of equity exercises a most wholesome jurisdiction for the prevention of this delay and embarrassment, and for the assistance and protection of the administrator. ”

“ And be it further enacted, That if any person shall become bankrupt, and at such time, by consent of the owner, have in his or her possession and disposition, any goods whereof he or she shall be reputed owner, and take upon him or herself, the sale, alteration, or disposition thereof, as owner, the commissioners shall have power to assign the same, for the benefit of the creditors, as fully as any other part of the estate of the bankrupt. ”

“ The covenant in the deed, being in fee between the parties and their heirs, that the land is free from encumbrances, except leases, &c., specified, is broken, if there be any other outstanding encumbrances; and an estate in expectancy oustanding is an encumbrance upon the land and the seizin thereof. ”