The Principles of Equity and Equity Pleading (Paperback)

This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1895 Excerpt: ...over which equity exercises control, on account of their injurious effect upon third persons, is that of gifts and conveyances made to hinder or defraud creditors. The statute 13 Elizabeth, ch. 5, provided that all gifts and transfers made by a debtor with the intent to delay, hinder, or defraud his creditors should be void as against them. Such gifts and transfers are good as between the parties. It has frequently been said by high authority that this statute really introduced no new rule, but was simply declaratory of the common law. However this may be, it is certain (as has often been decided) that the statute forms a part of the inherited common law of this country, except where it may have been modified by statute. It is in full force and operation in Massachusetts.2 It is a matter of such frequent application, and of so much practical importance, that it is worth our while to notice the main points arising under the statute. At the present day, quite as much as when it was enacted, this statute constitutes the law upon the subject; and in order to determine whether any transaction is fraudulent as against creditors, we must seek our answer in the provisions of the statute and the decisions which have been made under it. 527. The statute covers transfers of choses in action, as well as goods, chattels, lands, and tenements. The statute itself enumerates only "goods, chattels, lands, and tenements;" and a question was made whether " choses in action," or other rights of property not accurately definable as either goods, chattels, lands, or tenements, were within the scope of the statute. But it has long been settled that the statute covers choses in action, and all other rights of property which a debtor may assign, as well as those...