Assignments, Bailments, Bankruptcy
( Originally Published 1918 )
An Assignment is the transfer of a debt, obligation, bond, wages, or any kind of property, personal or real, or any actual interest therein. It also signifies the written instrument by which the transfer is effected.
How Made. An assignment may be written on the back of the instrument it is intended to convey, or on a separate paper.
No Formality Is Required by law in an assignment. Any instrument between the contracting parties that goes to show their intention to pass the property from one to the other will be sufficient. Proof will be called for only when it appears that it was merely a sham or fraudulent transaction.
Lands and Tenements.—Assignments relating to lands and tenements must be duly signed, sealed, acknowledged and recorded, in the same manner as a deed.
For Benefit of Creditors.—Where property is assigned for the benefit of creditors, its actual transfer to the assignee must be made immediately. Such an assignment covers all of the assignor's property, whatever and wherever it may be, which is not exempt from execution.
Preferring Creditors.—At common law the assignor might give preference to certain of his creditors, but this is now generally prohibited by statute.
Correct Schedules of the property assigned should accompany the assignment in all cases.
An Assignment of a Mortgage carries with it in most states at the same time, without a transfer, the debt, note or bond, but to avoid complications the note or bond should be transferred also.
Some Things Are Not Assignable, as pensions, government bounties, personal trusts, as a guardianship, or the rights of a master in his apprentice.
Form of Simple Assignment
For value received, I hereby assign all my right, title, and interest in the within contract to Chas. Hillman. Dated Cleveland, Ohio, —, A. D. 19—.
Assignment of Account
In consideration of One Dollar, value received, I hereby sell and assign to W. C. Cole the within account, which is justly due from the within George Sanders, and I hereby authorize the said W. C. Cole to collect the same.
Assignment of Mortgage
Know All Men by These Presents, That I, William Bower, the within named mortgagee, for a consideration of Six Hundred Dollars, hereby assign, transfer, and set over to Henry Klingman, his heirs and assigns, the within named instrument of mortgage, and all the real estate, with appurtenances therein mentioned and described, to have and to hold the same forever, subject, nevertheless, to the equity and right of redemption of the within named James Yundt, his heirs and assigns therein.
In witness whereof, the party of the first part has here-unto set his hand and seal this — day of —, A. D.
19-. WILLIAM BOWER. [SEAL]
Sealed and delivered in presence of
This should be acknowledged and recorded same place as mortgage.
Assignment with Power of Attorney
In consideration of the sum of One Thousand Dollars (the receipt of which is hereby acknowledged), I do hereby assign, transfer, and set over to Martin Scott (of Chicago, Ill.) all my right, title, and interest in and to [here describe what]. And I hereby constitute said Martin Scott my attorney, in my name or otherwise, but at his own costs and charges, to take all legal measures which may be proper or necessary for the complete recovery and enjoyment of the premises.
Witness my hand and seal this — day of —, A. D. 19-. (Witnesses) HENRY LONG.
Assignment for the Benefit of Creditors
Know All Men by These Presents, That whereas I, William Colerage, merchant of the city of Minneapolis, and State of Minnesota, am indebted to various persons in considerable sums of money, which I am at present unable to pay in full, and being desirous to convey all my property for the benefit of my creditors, without preference or priority other than that provided by law:
Now, therefore, I, in consideration of the premises, and of the sum of One Dollar paid to me by Chas. Watson, of the same city and State, do hereby grant, bargain, sell, assign, and convey unto the said Chas. Watson all my lands, tenements, goods, and chattels of every name, nature, and description, wheresoever the same may be, excepting and reserving only such property as is exempted by law from attachment.
To have and to hold the same unto the said Chas. Watson, in trust and confidence, to sell and dispose of the said real and personal estate for cash upon such terms and conditions as in his judgment may appear best, and apply the proceeds in the following manner, to-wit :
First. To pay all such debts as by the laws of the United States are entitled to preference in such cases.
Second. To pay and discharge all the just and reasonable expenses, cost, and charges of executing this assignment.
Third. To distribute and pay the remainder of said proceeds to the creditors of the party of the first part for all debts and liabilities which he may owe, rateably, in proportion to their respective claims.
Fourth. The residue and remainder of the proceeds of said sales, if any there be, shall be paid over to me, my executors, administrators, or assigns.
In witness whereof, I have hereunto set my hand and seal this — day of —, A. D. 19—.
WILLIAM COLERAGE. [SEAL]
Executed and delivered in presence of
N. B.—In some states creditors should assent to an assignment. The laws as to assignments vary in different states.
Definition.—Bail is surety given for another's appearance in court. It is required in criminal cases generally and in civil cases involving tort or fraud. The term bail is applied also to the sureties themselves, and to the amount in which they bind themselves for the appearance of their principal.
Excessive Bail.—The constitution of the United States and the several states provide that excessive bail shall not be required.
Bail Bond.—The bond given by the sureties is termed a recognizance, and in case the prisoner does not appear for trial, or forfeits his bail, as it is termed, the sureties have to pay whatever sum is pledged in the bail bond or recognizance.
Form of Bail Bond or Recognizance
STATE OF ILLINOIS,
This day personally appeared before the undersigned, a justice of the peace in and for said county, Charles Seibert and Frank Stanton, all of Aurora, in said County and State, and jointly and severally acknowledged themselves to be indebted unto the people of the State of Illinois, in the sum of Five Hundred Dollars, to be levied of their goods and chattels, lands and tenements.
Whereas, the above bounden Charles Seibert, on the — day of —, A. D. 19--, was brought and examined by and before John Brown, a justice of the peace in and for the county aforesaid, on a charge preferred against the said Charles Seibert [here state the offense charged] in said county, and the further examination of said Charles Seibert having been continued to the — day of —, A. D. 19-, at to o'clock A. M., and the said Charles Seibert having been adjudged and required by the said justice to give bonds, as required by the statute in such case made and provided, for his appearance to answer to said charge. Now the condition of this recognizance is such that if the above bounden Charles Seibert shall be and appear before the undersigned, at his office, in the city of Aurora, in said county, on the — day of —, A. D. 19-, at ten o'clock A. M., then and there to answer to the said people of the State of Illinois, on said charge, and abide the order and judgment of said court, and not depart the same without leave, then and in that case this recognizance to become void, otherwise to be and remain in full force and virtue.
As witness our hand and seals this — day of —, A. D. 19--.
CHARLES SEIBERT. [SEAL]
Taken, entered into, and acknowledged before me this — day of , A. D. 19—.
In some states the recognizance may be oral in open court.