Pennsylvania Act 1849-412 — ASSIGNMENT OF PROPERTY IN TRUST - PREFERENCES

Act text

ASSIGNMENT OF PROPERTY IN TRUST - PREFERENCES
                 Act of Apr. 16, 1849, P.L. 663, No. 412              Cl. 39
                               A SUPPLEMENT

     To the act relating to lunatics and habitual drunkards; to
        punish aldermen and justices of the peace for misdemeanors;
        relating to arbitrations in the district court in the city
        and county of Philadelphia; relative to deeds of assignment;
        relative to judgment liens; relating to limitation of
        actions; and relating to liens and terre tenants; and for the
        more effectual punishment of the crime of arson.

        Section 4.  Condition of release constitutes preference
        Any condition in assignments of property made by debtors to
     trustees on account of inability at the time of the assignment
     to pay their debts, within the meaning of the act, entitled "An
     Act to prevent preferences in assignments," approved april
     seventeenth, one thousand eight hundred and forty-three, for the
     payment of the creditors only, who shall execute a release shall
     be taken as a preference in favor of such creditors and be void
     and the assignment be held and construed to enure to the benefit
     of all creditors in proportion to their respective demands.
     1849, April 16, P.L. 663, Sec. 4.