William Bodley and Thomas Robbins, Appellants v. William Goodrich

• Decision Date: 01 January 1849
• Citation: 12 L.Ed. 699,7 How. 276,48 U.S. 276
• Parties: WILLIAM S. BODLEY AND THOMAS E. ROBBINS, APPELLANTS, v. WILLIAM M. GOODRICH
• Court: U.S. Supreme Court

48 U.S. 276

7 How. 276

12 L.Ed. 699

WILLIAM S. BODLEY AND THOMAS E. ROBBINS, APPELLANTS, v. WILLIAM M. GOODRICH.

January Term, 1849

THIS was an appeal from the Circuit Court of the United States for the District of Louisiana.

The facts of the case are sufficiently set forth in the opinion of the court.

It was argued by Mr. Samuel C. Reid, jr., and Messrs. Stockton and Steele, in a printed argument, for the defendant in error, no counsel appearing for the appellants.

Mr. Justice McLEAN delivered the opinion of the court.

This is an appeal from the decree of the Circuit Court of the United States for the District of Louisiana.

The complainants represent that they and William Frazer are the legal owners of a tract of land in East Ouachita land district, containing four thousand one hundred and twenty-six acres, as the assignees of the president, directors, and company of the Commercial and Railroad Bank of Vicksburg, a banking and railroad institution, duly incorporated, in the State of Mississippi. And they charge the defendant with setting up a claim to the land by a purchase made by him at sheriff's sale. And they pray that the defendant may be decreed to release to them his title.

The defendant denies, in his answer, that the complainants have either the equitable or legal title to the above land by virtue of the above assignment, on the ground, among others, that the president and directors of the bank and railroad company had no power to assign the property of the bank, and thereby change the trust committed to them. And the defendant alleges that he purchased the land for a valuable consideration, bon a fide, at sheriff's sale, and that the proceedings of such sale were regular and according to law.

The deed of assignment, under which the complainants claim, is dated February 13th, 1840. As a reason for the assignment, the deed states 'the embarrassed situation of the president, directors, and company of the Commercial and Railroad Bank, and the present inability of its debtors to meet their liabilities, and by consequence that the bank was unable to pay its debts promptly'; and they come to the conclusion, 'that an assignment of the property, debts, and effects of the said corporation should at once be made for the benefit of its creditors, as will most effectually promote the interest of the creditors of the institution, and protect its debtors from loss

and sacrifice; and at the same time furnish means to finish and complete...