Page:Federal Reporter, 1st Series, Volume 1.djvu/777

 BARTLETT V. TBAH. 769 �Assignee— ATTACHma Cbbditoks — Rbv. 8t. of Akk. { 385.— Under sec- tion 385 of the Revised Statutes of Arkansas, an assignee does not acquire title to the prôperty assigned, as against attaching creditors of the as- Bignor, UDtil he flles the inventory and gives the bond required by that section ; and, until the inventoiy isflled and the bond given, the assignee cannot lawfully take possession of the prôperty. �Deed op Assignment in Contravention op Rev. St. of Auk. § 387.— A deed o£ assignment that directs the assignees to sell the prôperty (a stock of goods) in the ordinary course of trade, at private sale, for 12 months, and that, in ternis or by necessary implication, f orbids a sale at public auction until after the ex-piration of that period, is in contraven- tion of section 387 of the Revised Statutes, and renders the deed void. �The plaintiffs sued out a writ of attachment, and caused it to be levied upon a stock of goods as the prôperty of the defend- ant Amanda Teah. Edward Hunt and Abram Teah inter- vened in the suit, and filed their petition, claiming the prôp- erty attached under an instrument claimed by them to be a mortgage, or deed of trust in the nature of a mortgage, After reciting the names of the creditors, and the amount of their respective debts, it conveys the prôperty, in apt words, abso- lutely to the assignees in trust, for the purpose of securing numerous creditors named in the full payment of their several debts, and for that purpose the assignees are empowered to take immediate possession of the prôperty, and sell the same at private sale, in the usual course of trade, and with the pro- ceeds pay the creditors mentioned ; and, if the debts are not satisfied at the end of 12 months after the date of the assign- ment, the assignees are direeted to sell the prôperty remain- ing on hand at public auction, upon 10 days' notice. The assignees are to account to the assignor for any surplus re- maining after satisfying in full the debts of the creditors named. There is no defeasance clause in the instrument. It was duly executed, aeknowledged and recorded, and the assignees in possession of the goods under it before the levy of the writ of attachment. It affirmatively appears from the petition that the assignees have not filed an inventory, nor given bond as required by section 385, Gantt's Digest. The plaintiffs in the attachment demurred to the petition. �Wm. Walker, for assignees. �Erb, Summerfield de Erb, for attaching creditors, �v.l.no.lO— 49 ��� �