Nix, Halsell & Co. v. Underhill

1899 OK 34, 56 P. 959, 8 Okla. 123, 1899 Okla. LEXIS 33

Opinion

Opinion of the court by

Tarsnev, J.:

This cause is- here upon a transcript of the record. The facts and circumstances shown by this Tec-ord present precisely the same question involved in Smith v. Baker, 5 Okla. 326, 49 Pac. 61, and Smith-McCord Dry-Goods Co. v. John B. Farwell & Co., 6 Okla. 318, 50 Pac. 149, wherein it was held that, where an insolvent debtor-makes conveyances of the whole of his property, by chat-tie mortgage, to one or more of his creditors, in good faith, for the security of a Iona, fide indebtedness, although in exclusion of other creditors, the transaction lacks the essential elements- of a trust for the benefit of creditors, and is not brought within the statute relating to voluntary assignments. The statute regulating and permitting voluntary assignments by insolvent debtors for the benefit of creditors- was not intended to, and does n-o-t, affect -or qualify the rights of such debtors to make preferences among their creditors under section 4, ch. 5 Statutes 1893. Upon the authority of those cases, the judgment herein is affirmed.

All of the Justices concurring.