Stowe v. Belfast Sav. Bank

92 F. 90, 1897 U.S. App. LEXIS 2436
CourtU.S. Circuit Court for the District of Maine
DecidedNovember 23, 1897
StatusPublished
Cited by2 cases

This text of 92 F. 90 (Stowe v. Belfast Sav. Bank) is published on Counsel Stack Legal Research, covering U.S. Circuit Court for the District of Maine primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook
Stowe v. Belfast Sav. Bank, 92 F. 90, 1897 U.S. App. LEXIS 2436 (circtdme 1897).

Opinion

WEBB, District Judge.

This is a real action. The plea is, did not disseise. The parties submit the case to the court upon the following stipulation and agreed statement:

“As there is no controversy between the parties as to the facts in this case, it is agreed-that the case may be submitted to the court upon the subjoined statement of facts, which may be treated by the court as the findings of a jury. To the rulings of the court upon the facts thus presented, each party reserves the right of exception and appeal by writ of error to the circuit court of appeals.
“Facts: The property in controversy is a tract of real estate, situated in the town of Eden, Hancock county, Maine, and its value is about $7,500. Prior to February 8, 18S9, the legal title was vested in one George W. W. Dsve, of Andover, Mass. On February 8, 18S9, said Dove, being insolvent, [91]*91■made a common-law assignment and conveyance of all liis property, of every kind, not exempt by law from attachment and seizure on execution, to John 0. Hopes, of Boston, Mass., for the equal benefit of all of his creditors, without preferences of any kind, a copy of which assignment is hereto annexed, and made a part of the case. Said assignment and conveyance was duly recorded February 11, 1889, in the registry of deeds for the county of Hancock, in which county the land in controversy is situated. Subsequently, on the lltli day of March, 1889, said Hopes resigned his trust as assignee under said assignment; and the plaintiffs in this action are his duly-appointed successors in his said trust, as assignees of said Dove, and, by appropriate conveyances, have become invested with such title as said Hopes took under said assignment to the real estate in controversy. The total amount realized by the assignees from the sale of Dove’s property, and the collection of his assets up to the present time, has been less than twenty-six thousand dollars; and the only property remaining, upon which they have not realized, is the real estate in controversy, and some corporation stocks, which are worthless. After said assignment was recorded as aforesaid, and prior to September 11, 1889, creditors of said Dove to the aggregate amount of $396,961.33 had become parties to said assignment, and assented to its provisions; but there is no record in the registry of deeds for said county of Hancock of such join-tier and assent of such creditors, and there is not in said registry any record of said assignment after the same had been joined in and assented to by such creditors; but defendant bank never became a. party to said assignment, or assented thereto. On September 11, 1889, the Belfast Savings Bank, the defendant herein, attached the real estate in controversy, as the properly of said Dove, in suit brought by said bank against said Dove, in the supreme judicial court of the state of Maine. In this suit said bank recovered judgment against said Dove for the sum of $17,190 debt and $33.94 costs of suit, on the 8th day of May, 1891, upon which judgment execution was issued; and on the 5th of June, 1891, the real estate in controversy was duly seised upon said execution, and subsequently advertised and sold at public auction, by the officer holding said execution, to the Belfast Savings Bank, for the sum of $7,500, said hank being the highest bidder therefor; and said officer subsequently executed and delivered to said bank a proper deed conveying to said bank all the right, title, and interest which said Dove had in and to the premises in controversy on the 11th day of September, 1889, wben the same were originally attended as above set -forth. All the proceedings attending said seizure and sale; were regular and in accordance with the provisions of the statutes of the state of Maine, and the officer’s deed was effective to convey to the defendant all the right, title, and Interest of said Dove in the real estate in controversy which it held by its attachment of Seittember 11, 1889.
“Tinder the foregoing stipulation and agreed statement, it is the intention of the parties to submit to the court the single question whether or not the common-law assignment for the benefit of creditors, executed by Dove on the 8th of February, 1889, duly recorded as aforesaid, and subsequently assented to by creditors whose aggregate demands exceeded the total value of the property assigned, as above set forth, is valid as against the subsequent attachment of the defendant, on the 11th of September, 1889. If the court shall rule, as matter of law, upon tlie foregoing facts, that the assignment from Dove to Hopes, takes precedence over the subsequent, attachment by the defendant bank, judgment is to be entered for the plaintiffs; but, if otherwise, then judgment is to be entered for the defendant.”

The agreed statement relieves the court of any inquiry as to the facts of this case, and the distinct statement of the question of law involved might excuse a simple answer of that question; but it will be more satisfactory and better to state the reasons for the conclusion reached.

The assignment is a common-law assignment, which recognizes the statute of insolvency of Massachusetts in force at its date. It has been argued that the assignment was under and dependent upon that: [92]*92statute. This position cannot be approved. It is true that, for some of its conditions and provisions, reference is made to that statute, but only to save the labor and trouble of enumerating specially such conditions and provisions. The assignment is made specially subject to abrogation by the institution of proceedings in the insolvency court within sis months. It is under seal, and properly acknowledged and recorded. Such an assignment is valid under the laws of Massachusetts and of Maine, as well as at common law. National Mechanics’ & Traders’ Bank v. Eagle Sugar Refinery, 109 Mass. 38; Todd v. Bucknam, 11 Me. 41; Frank v. Bobbitt, 155 Mass. 112, 29 N. E. 209; Train v. Kendall, 137 Mass. 366; Mayer v. Hellman, 91 U. S. 496, 500; Reed v. McIntyre, 98 U. S. 507, 511; Pickstock v. Lyster, 3 Maule & S. 371.

In’ Train v. Kendall, the plaintiff, a citizen of Massachusetts, attached by trustee process a debt due from a citizen of the same state to Kendall Bros., the principal defendants, ^ citizens of New York. Kendall Bros., before the attachment, had inade a general assignment of all their real and personal property to one Hall, in trust to pay, first, certain preferred creditors, and then their other debts •ratably. The assignee appeared as claimant.. The superior court dismissed the claim, and charged the trustee. On exceptions by the assignee (claimant), the supreme court sustained the exceptions. The following extract from the opinion of the court in that 'case, delivered by Judge Field (now the chief justice), is peculiarly appropriate here:

“If Kendall Bros, [the assignors] were domiciled in Massachusetts, this assignment, having been assented to by creditors who held claims in amount exceeding the value of the property assigned, would be good against an attaching creditor; and the"e is nothing in the policy of our laws that invalidates the assignment beca-ase Kendall Bros, are domiciled in New York.

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Cite This Page — Counsel Stack

Bluebook (online)
92 F. 90, 1897 U.S. App. LEXIS 2436, Counsel Stack Legal Research, https://law.counselstack.com/opinion/stowe-v-belfast-sav-bank-circtdme-1897.