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Updated: May 24, 2025
Legal claims 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.
In short, it was infamous a hundred families ruined; left without bread. An assignee had indeed been appointed, but he had served only to confirm the disaster, since not a centime of assets had been discovered.
In some states, the doctrine established by the courts is, that a continuance of possession is only prima facie evidence of fraud; in which case the mortgagee or assignee is allowed to show by proof, that the conveyance was made in good faith and for a valuable consideration.
"I understood you to declare, sir, that it was your positive intention to devote the proceeds of the sale of those securities to bolstering up your business; and even yesterday you assured me that if they could only be found you would of course hand them over to the assignee, to be devoted to the liquidation of your debts. Am I correct in this surmise, Mr. Graylock?"
This amounts to fifteen shillings in the pound upon all his debts, which, if the creditors please to appoint an assignee or trustee to sell the goods, and collect the debts, he is willing to surrender wholly into their hands, hoping they will, as a favour, give him his household goods, as in the account, for his family use, and his liberty, that he may seek out for some employment to get his bread.
By an Act also made in the reign of the late King William, persons who apprehend and prosecute to conviction any who feloniously steal goods to the value of five shillings, out of any house, shop, warehouse, coach-house or stable, or shall assist, hire or command any person to commit such offence; then such person so taking as aforesaid, shall have a certificate gratis from the Judge or Justices, expressing the parish or place where such felony was committed; which certificate shall be capable of being once assigned over, and shall exempt its proprietor or assignee from all parish and ward offices, in the parish or ward wherein the felony was committed.
"Oh, monsieur!" said the assignee, suddenly dropping into the landlord, just as the cat metamorphosed into a woman ran after a mouse when she caught sight of it, "my affair of the Rue Montorgeuil is not yet settled. What they call an impediment has arisen. The tenant is the chief tenant.
Only, as such covenants are rarely, if ever, made, except in leases, there is always privity to the original parties. For the lease could not, and the reversion would not be likely to, go by disseisin. The Dean of Windsor's Case decides that such a covenant binds an assignee of the term, although not named.
It was laid down in one case that it was an extension of the protection which the law throws around the person, and on that ground held that trespass quare clausum did not pass to an assignee in bankruptcy. /1/ So it has been said, that to deny a bankrupt trover against strangers for goods coming to his possession after his bankruptcy would be "an invitation to all the world to scramble for the possession of them"; and reference was made to "grounds of policy and convenience." /2/ I may also refer to the cases of capture, some of which will be cited again.
In the next reign the converse proposition was decided, that an assignee of the reversion was entitled in like manner to the benefit of the covenant, because "it is a covenant which runs with the land." /2/ The same law was applied, with still clearer reason, to a covenant to leave fifteen acres unploughed for pasture, which was held to bind an assignee not named, /3/ and, it would seem, to a covenant to keep land properly manured. /4/
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