Page:Federal Reporter, 1st Series, Volume 3.djvu/149

 14:9 rSDEBAL BSFOBTBII. �V. Smith, 8 Mason, S53-273 ; Rappleye v. International Banlt, tupra. Such a conyeyance is not, as has been sometimes sup- posed, "utteriy void," but is only ao in a qualified senae. Practically, it is only voiàahU, and that at the instance of creditors proceeding in the mode prescribed by law, and even then not as against a lona fide purohaser. Bean v. Smith, tupra, 252-274;' Wood v. Mann, 1 Sum. 506-609; Bump. on Praud. Con. 4SI. �The operation of the lien of a judgment being limited by Btatute to the property then belonging to the judgment debtor, is not a mode prescribed by which a crediter may attack a oonveyanee fraudulent as to himself, or assert any right as •uoh against the grantor thcrein. This lien is constructive in its eharacter, and is not tha resuit of a levy or any other aot directed against this specifie property. It is the creature of the statuts and cannot have effect beyond it. In r« Boyd, 4 8aw. 262-270. By that, its operation and effect are restrained to the property then owned by the debtor. But the convey- ance from Estes to Cola deprived the former of ail interest in this property. No judgment against Estes nor any act of his could reaoh it or affect it. Therefore, when the judgments of these joint creditors were obtained and docketed the prop- erty did not belong to him, and ^ras not for that reason -vrithin the operation of their liens. On the contrary, it belonged to Cole, qualified by the right of the creditors, in the manner and time prescribed by law, to aubject it to the payment of their debts. In the suit against Cole to set aside this fraud* nient conveyanoe the assignee represented the creditors. Bradshaw v. Klein, S BUbb, 20. �It is also olaimed by the assignee that the fund obtained by that suit — the proceeds arising from the sale of the prop- erty — is equitable assets and should be distributed equally among the creditors ; citing Silk v. Prime, and notes, 2 Lead. Cas. Eq. 82 ; Bemon t. LeRoy, 4 John. Ch. 650-651. But this distribution was subjeot to any specifie, legal lien on priority that might exist in favor of any crediter. Purdy t. Doyle, 1 Paige, 668; Codivise y. GeUtoti, 10 John. 507-632. In this last oase Chanodlor Kent sayss "If a fund for tha Baymect of ����