Bank v. Prager & Son

41 S.E. 363, 50 W. Va. 660, 1902 W. Va. LEXIS 56
CourtWest Virginia Supreme Court
DecidedMarch 1, 1902
StatusPublished
Cited by15 cases

This text of 41 S.E. 363 (Bank v. Prager & Son) is published on Counsel Stack Legal Research, covering West Virginia Supreme Court primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook
Bank v. Prager & Son, 41 S.E. 363, 50 W. Va. 660, 1902 W. Va. LEXIS 56 (W. Va. 1902).

Opinion

MoWhorter, Judge:

Isaac Prager and Maurice Prager, partners as Isaac Prager & Son merchants doing business in the City of Parkersburg, running three stores one known as the “Big Store” where their principal business was done on Market Street and on the op-osite side of the street their “Auction Store” and another store called “The Backet.” Though apparently doing a large and prosperous business they had become involved to the extent of total insolvency and on the 29th of December, 1896, made a deed of general assignment to Henry Keller, trustee, conveying “all and singular every and all fixtures, stock in trade, goods, wares, merchandise, book accounts, notes, bonds and evidences of debt, policies of insurance and all other property and assets of every kind, character and description owned or-by said-firm wherever the same may be situated including the unexpired terms of years or agreement for any premises occupied by said firm and especially and singular such property, goods, wares, merchandise and fixtures in and upon the premises occupied by said firm in what is known as the 'Smith Building/ Nos. 308 and 310, Market Street, 'Backet Store’ No. 313, Mar[662]*662ket Street and the room No. — Market Street in said city, but not including and expressly excepting all property exempt by law.” Said deed provided that on the execution and delivery thereof the said trustee should take full possession and custody of said property, make a full inventory thereof and have the same appraised as to value by three competent and qualified appraisers who should, be duly sworn for the purpose to honestly, fairly and to the best of their judgment, skill and ability appraise and value such property, and said trustee was authorized thereby “to sell such property at public or private sale and collect book accounts, notes or evidences of debt due and owing said firm; and in making sale of such property he may, if in his judgment that would be most advantageous to creditors, keep such store open and sell such goods, wares and merchandise and other property at private sale; remove the goods all into one room to minimize expenses; to reduce such property to money as soon as the same can wisely, prudently and properly be done, using his (said party of the second part) best judgment therein and for that purpose, at his best discretion and judgment, he may compromise claims, discount bills and may complete or refuse to complete and cancel contracts of said firm now in force so that the largest sum possible under the circumstances may be realized; and in the execution of this trust may employ such labor as shall, in bis opinion, be necessary and proper for the economical and faithful administration of the trust hereby imposed upon him or shall be requested by the creditors secured thereby. The trustee was further authorized to pay, satisfy and discharge from the proceeds after deducting all necessary costs, expenses and charges including preparation of the deed and advice of counsel necessary to a proper execution of his duties and other debts, liabilities and obligations which were by the then existing law entitled to preference of payment in full, all other debts, liabilities and obligations of said firm equitably and ratably without preference or priority among creditors of the same class unsecured or to such secured creditors as should surrender to him the security held by them and accept the promise hereof, the creditors of said copartnership being first paid out of said propertjr, said 'trustee to'make such payment by such installments and at such times as he should think fit and to pay the surplus, if any, to the party of the first part or the survivor; and the said Isaac Prager by the [663]*663same deed conveyed to said trustee a certain piece of real estate on Juliana Street, 40x170 feet, then occupied by “The Boston Dry Goods Store” conveyed to said Isaac Prager by John J. Jackson and wife, which real estate was subject to a deed or deeds of trusts in favor of the Homestead Building Association, and other liens thereon having legal preference to be sold by said trustee as provided by law for cash or on such credit as he might deem most advantageous, having reference to said liens and rights to be created, and from the proceeds as well as the rents to be collected by him in excess of said deeds of trust and other lions and after deducting expenses, commissions and charges to pay the individual creditors of said Isaac Prager, and if any surplus to be paid to the creditors of the firm, which deed of assignment was recorded on the day of its execution and the trustee on that day took possession of the property so conveyed. On the same day of the making of the assignment Julius Katzenstein brought his action of assumpsit in the circuit court of Wood County against said firm and filed his affidavit and sued out an attachment against the firm claiming that he was entitled to recover in said action forty-one thousand nine hundred and eiglity-six dollars and caused the same to be levied on the goods of Isaac Prager & Son in the said three stores, which levy was made on the said 39th of December at 4:53 p. m. Katzenstein afterward took judgment by default on the 17th of February, 1897, in said action fox thirty-seven thousand nine hundred and eighty-three dollars and eight cents.’ On the same day Henry Keller, the trustee, moved to quash the attachment of said Katzenstein, which motion was set down for argument.

On the 31st day of December, 1896, the First National Bank of Parkersburg filed the affidavit for attachment in the circuit court of Wood County of H. H. Moss, its cashier, and instituted suit in equity to recover its debt against said Isaac.Prager & Son, and sued out its attachment without bond and on that day levied same on the said goods in the three stores and also served the same on Henry Keller, the assignee in said deed of assignment, as being indebted to or having in his possession the effects of Isaac Prager & Son, and at the January rules, 1897, said bank filed its bill in said court against said Isaac Prager & Son, and Henry Keller as trustee and in his own right; said bill set up the claim of the said plaintiff’ being four notes of [664]

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Bluebook (online)
41 S.E. 363, 50 W. Va. 660, 1902 W. Va. LEXIS 56, Counsel Stack Legal Research, https://law.counselstack.com/opinion/bank-v-prager-son-wva-1902.