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I've been so busy to-day that I couldn't find time to see you. I understand that Mr. Graylock is in the hands of the assignee, and that his creditors will be lucky to get thirty cents on the dollar. Do you know anything about the missing securities, Mr. Winslow?" asked Dick, wishing to draw the conversation into a channel less personal. "I only wish I did.

Croke gives the reason thus: "For a covenant which runs and rests with the land lies for or against the assignee at the common law, quia transit terra cum onere, although the assignees be not named in the covenant." /1/ This is the reason which governed easements, and the very phrase which was used to account for all possessors being bound by a covenant binding a parcel of land to warranty.

The assignee paid the bond, and Barney sailed for Alicant, where his vessel was detained for the use of the great armada, then fitting out against Algiers, the fate of which was a total and shameful defeat. On his return home, his employer was so well satisfied with his conduct, that he became his firm friend ever after.

There was great mention of bogus bonds, bad investments, liabilities and assets and personal estates, and of a thing called an official assignee whatever that is voluntary sequestration, and a jargon of such terms that were enough to mither a Barcoo lawyer.

The assignment should be recorded in the same way as the original mortgage, the assignee paying the fee. While the rule as to the redemption of mortgages remains the same in some localities that it formerly was, the law in most places is now more lenient. Now the mortgagor who has failed is usually given by law an extension of time in which to make good the payment of principal and interest.

"There is Monsieur Birotteau looking at his old house," said Monsieur Molineux to the owner of a shop opposite to "The Queen of Roses." "Poor man!" said the perfumer's former neighbor; "he gave a fine ball two hundred carriages in the street." "I was there; and he failed in three months," said Molineux. "I was the assignee."

There are now more liquidations than bankruptcies in Paris. The assignee's act in the drama is intended to prove that every assignee is incorruptible, and that no collusion has ever existed between any of them and the bankrupt. The pit which has all, more or less, been assignee in its day knows very well that every assignee is a "covered" merchant. It listens, and believes as it likes.

"And they sold out to Colonel Pennington," he cried. "Exactly. The Colonel took over my contract with Henderson's company, along with the other assets, and it was incumbent upon him, as assignee, to fulfill the contract.

'Ay, here we have him Chapelizod Sturk, Barnabas Surgeon, R.I.A., assignee of John Lowe hey! one gale day, as you call it, only! September. How came that? Rent, £40. Why, then, he owes a whole year's rent, £40, Ma'am. September, and his days of grace have expired. He ought to have paid it.

Claims arising under obligations might be transferred to a third person, by sale, exchange, or donation; but to prevent speculators from purchasing debts at low prices, it was ordered that the assignee should not be entitled to exact from the debtor more than he himself had paid to acquire the debt with interest, a wise and just regulation which it would be well for us to copy.