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Reports of Cases in the High Court of Chancery of Maryland 1846-1854
Volume 200, Volume 3, Page 343   View pdf image (33K)
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HOLLINS VS. MAYER ET AL. 848
ROBERT S. HOLLINS, ADMINISTRATOR-
OF JOHN HOLLINS,
vs.
CHARLES F. MAYER, AND OTHERS.
MARCH TERM, 1851.
[VALIDITY OF ASSIGNMENT IN FAVOR OF CREDITORS—CONSTRUCTION OF DEEDS.]
A DEED conveying property, real and personal, in trust, to sell and apply the
proceeds, 1st, to the payment of costs and commissions, and 2d, to the full
payment of such creditors, named in an annexed schedule, as assent and
release within a. fixed time, " if the fund be sufficient for that purpose, and
the balance, if any," to one of the grantors and his representatives, "but
ratably and proportionably, according to the amount of the claims of each
of said creditors, if the fund be insufficient to pay the whole ;" provided,
the shares of the non-assenting creditors " shall not be distributed among
the others," but shall be held by the trustees, " subject to the future order
and control of" the said grantor, is valid.
The fund not proving sufficient to pay the assenting creditors in full, they can
only receive dividends, in the proportion that their claims bear to the whole
amount of claims specified in the schedule, and the surplus must be paid
to the grantor.
The non-assenting creditors cannot claim this surplus, because they would
then receive the same benefit under the deed as the assenting creditors,
without complying with its terms, which would destroy a material stipula-
tion of the deed, and defeat one of the principal inducements to its exe-
cution.
[A deed of trust was executed on the 15th of January, 1823,
by John Hollins, Michael McBlair, and John Smith Hollins,
conveying to certain trustees certain real and personal pro-
perty, consisting of two pieces of land, situated in the city of
Baltimore, and " all and singular the stocks, chattels, effects,
claims, debts, and sums of money" specified in two schedules
annexed to the deed, in trust, to sell and collect the same, and
apply the money arising therefrom, in the first place, to the
payment of the costs and expenses attending the execution of
the trust, and a commission of twelve per cent. to the trustees,
and in the nea:t place, " to distribute and divide the whole of the
residue of such moneys, or so much thereof as may be neces-

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Reports of Cases in the High Court of Chancery of Maryland 1846-1854
Volume 200, Volume 3, Page 343   View pdf image (33K)
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