Opinion
Gen. No. 41,424. (Abstract of Decision.)
Opinion filed November 28, 1941
ASSIGNMENTS FOR CREDITORS, § 23 — validity of assignment providing for pro rata payments, necessity of compliance with Bulk Sales Act. Where purpose of assignment was to pay and discharge in full from proceeds thereof, so far as residue was sufficient for that purpose, claims of all creditors ratably and in proportion, in discharge of their debts by instalments thereunder, such provision did not render assignment invalid, since meaning reasonably attributed thereto was that residue be distributed to assenting creditors pro rata in accordance with amount of their claims to be applied proportionately with amount of their claims toward payment of same, thus creditors accepting such terms agreed to accept such pro rata payments in full settlement; and where valid assignment was made for benefit of creditors, it was unnecessary to show compliance with Bulk Sales Act (Ill. Rev. Stat. 1941, ch. 121 1/2, § 78, et seq.; Jones Ill. Stats. Ann. 121.01, et seq.).
See Callaghan's Illinois Digest, same topic and section number.
Appeal from Municipal Court of Chicago; Hon. JOSEPH H. McGARRY, presiding.
Judgment affirmed. Heard in second division, first district, this court at October term, 1940.
Kirkland, Fleming, Green, Martin Ellis, for appellant;
Joseph M. Taussig, John M. O'Connor, Jr. and Thomas F. Scully, of counsel;
Harry S. Greenstein, pro se;
Harry F. Brewer, of counsel.
"Not to be published in full." Opinion filed November 28, 1941.