Sabichi

From the agreed statements of facts on which this case was submitted in the court below it appears that G-. A. Clark and C. H. Humphreys, partners, engaged in business at the city of Los Angeles under the firm name of Clark & Humphreys, being in failing circumstances, both as individuals and as a partnership, entered into a written contract of date December 15,1892, with the plaintiffs Sabichi, Minor and Holt, as trustees, and ten named creditors of Clark & Humphreys, by the terms of which contract Clark and Humphreys agreed to convey all their property, partnership and individual, to said trustees," in trust to be collected, sold, and disposed of, and converted into money, and divided ratably” among said designated creditors, the surplus, if any, to be returned to Clark and Humphreys. By the terms of this agreement it was also stipulated *84 that, upon the execution of such conveyance, Clark and Humphreys should be released from all liability to said creditors; that the trustees might borrow money on Certain of the property; purchase outstanding claims against the partnership; carry on the business of the firm and employ assistants for that purpose; sell real and personal…