Henry Cowell Lime & Cement Co. v. Smith

One Draeseke, being in failing circumstances financially, on the ninth day of October, 1913, executed an assignment of his property to Jesse A. Muller, as trustee for the benefit of Draeseke’s creditors, and on the fifteenth day of October, Muller and Draeseke executed another assignment of the same property for the same purpose to the defendant Henry L. Smith. Smith was secretary of the San Francisco board of trade, and the assignments to him and Muller were both made for the purpose of closing up Draeseke’s business and paying the proceeds of the sale of his property to his creditors ratably. Pursuant to these assignments and during the month of October, 1913, Smith took over Draeseke’s property. Draeseke was at the time of these assignments indebted to the plaintiff in the sum of $450. On October 14, 1913, defendant called a meeting of Draeseke’s creditors to be held at 2 o ’clock P. M. of that day. Notice of this meeting was given to the plaintiff, and an admission of service of this notice was signed by the plaintiff and is in evidence here. Plaintiff’s attorney attended that meeting. It was held pursuant to the notice, and on the sixteenth day of October, 1913, and with full…