Page:Federal Reporter, 1st Series, Volume 1.djvu/781

BAETLETT ». TBAH. 773 �part of the assignment. There is not a word in the statuts countenancing the suggestion that the assignee is required to make the inventory. This would be to reverse the necessary and uniform order of doing business; it is the vendor of goods who makes the invoice and not the yendee. �The assignee, in a voluntary deed of assignment to pay creditors, is not a purchaser for value; he bas none of the eqiûties of such a purchaser, and in a court of la'w he must stand on his naked legal title, which he can only acquire in the mode prescribed by the statute. And what can be more reasonable and just than the requirements that such an assignee shall, for the protection and security of the debtor's creditors, place upon record evidence of the character, quan- tity, and value of the property assigned, and give a sufficient bond to account therefor; and that he shall not be invested ■with the title to the property until these things are done ? And if a debtor desires, by an assignment, to place his prop- erty beyond the reach of judioial process, at the suit of hia creditors, is it not just and reasonable that he should be required, as a condition precedent to the effectiveness of such an assignment, to see to it that the assignee he himself bas chosen files the inventory and gives the bond required by law for the protection of creditors? Such must be his duty under a statute like that in this state, which leaves the property in his possession until the inventory is filed and bond given, otherwise it would be to his interest to select an assignee who either could not or would not give a bond. �It is believed the statute of this state is more peremptory and stringent in its provisions on this subject than the statute of any other state. No other statute bas been brought to our attention that in terms prohibits the assignee from taking possession of the property until he files the inventory and gives the bond. In most of the states he may lawfully take possession of the property, and time is given to file the inven- +ory and give bond. This was the law in New York, and the court of appeals of that state held that, if the inventory and bond were not filed within the time required by the statute, <^he assignee, though in possession under the deed of assign- ��� �