Sumner v. Hicks - 67 U.S. 532 (1862)
U.S. Supreme Court
Sumner v. Hicks, 67 U.S. 2 Black 532 532 (1862)
Sumner v. Hicks
67 U.S. (2 Black) 532
1. An assignment by an indebted party for the benefit of creditors in trust that the assignee shall sell the property "on such terms and conditions as in his judgment may appear best and most for the interest of the parties concerned" has been held by the Supreme Court of Wisconsin to be fraudulent and void.
2. In cases involving the construction of a state statute, this Court is bound to follow the judgment of the highest judicial authority of the state.
3. If a debtor makes an assignment which is void, and afterwards -- but before any creditor has acquired a lien -- makes another which is free from objection, the latter assignment is valid.