Bodley v. Goodrich - 48 U.S. 276 (1849)
U.S. Supreme Court
Bodley v. Goodrich, 48 U.S. 7 How. 276 276 (1849)
Bodley v. Goodrich
48 U.S. (7 How.) 276
The Commercial and Railroad Bank of Vicksburg assigned all its property to trustees, reciting that
"the embarrassed situation of the bank and the present inability of its debtors to meet their liabilities, and by consequence that the bank was unable to pay its debts promptly, rendered it proper that a general assignment should be made for the benefit of its creditors and completion of the railroad;"
it therefore assigned all its property, real, personal, and mixed, to trustees, with authority to sell the effects assigned, to collect all debts due to the institution, to complete the railroad, for which purpose they were authorized to borrow a sum not exceeding $250,000, to allow claims against the bank of a certain description, and out of the proceeds collected first to pay the principal and interest of the above
loan; after the completion of the said road, dividends were to be made pro rata amongst the creditors of the bank who had filed their claims, should there not be a sufficient amount to pay all the claims, the trustees to receive eight thousand dollars each per annum for their services.
This deed was fraudulent and void as to all creditors of the bank who did not become parties to it by filing their claims.
The facts of the case are sufficiently set forth in the opinion of the court.