Yorkville enquirer. [volume] (Yorkville, S.C.) 1855-2006, 1886-05-27
COTTON FUTURES.
4 DECISION IN THE U. S. COURT IN THE
IVY CASES.

In the United States Circuit Court at
Charleston, on Tuesday last, the following
important decision was rendered by Chief
Justice Waite in the case of the Planters
and Merchants National Bank of Charlotte,
N. c., ct al, against +. ". Williams,
assignee of j. M. Ivy & Co., and Williams,
Black & Co. ct al. against H. A. ID. Nicely
ct al:
These causes came up for a hearing on the
bill and cross-bill and answers thereto,
and upon the testimony reported by Special
Master ]. E. Hagood. Upon consideration
thereof and argument thereon it is ordered
and decreed:
l. That Williams, Black g. Co., were cred
itors lawfully of J. M. Ivy, doing business
as j. M. Ivy & Co., in the sum OF Sl93,5l3.-
70, besides interest upon the note and ac-
count presented and proved before the spe-
cial master.
2. That Williams, Black e. Co. are enti-
tied to hold and to realize as security for
their said debt all the mortgages and con-
veyances in the nature of mortgages held
by them and produced and proved before
the special master, where such mortgages
were placed on record in the proper office in
the county or counties in which the land
covered by such mortgage or mortgages
was situated before the date of said assign
ment, and that they arenot entitled to hold
or to realize as security for their said debts
any mortgage on real estate not so recorded
in the proper county.
4. That Williams, Black & Co., are emit
tied to hold and to realize as security for
their said debt all chattel mortgages and
policies of insurance and pledges of personal
property of any kind soever, proved by
them before the special master, except the
chattel mortgage recordedin Lancaster coun-
ty-of which county there is no proof that
j. M. Ivy, being a citizen of South Carolina,
was a resident-and the planters notes plac-
ed with them July s, 1885.
+. That all claims upon contracts for the
future delivery of cotton made by j. M.
Ivy in his lifetime, and which did not ma
ture until after his death, are provable
against the estate in the hands of the as
signee and agent of creditors and entitled to
a dividend pro rata with unsecured debts
to the amount of the loss actually sustained
by the seller, provided he had on hand and
was the actual owner of the quantity and
quality of cotton he had bound himself to
deliver at the time fixed for the delivery:
1t is further ordered and decreed that the
assignee and agent of creditors proceed and
complete the sales Of the lands and of the
personal property, as provided in the orders
of the Court, and that the proceeds thereof
be distributed as follows: So much as arises
from the property on which Williams,
| Black & Co. have valid liens shall be paid
over to them toward the extinguishment of
their mortgages and pledges, and so much
as nay arise from property not covered
shall be disposed of by the assignee and
agent in due course of administration of the
assigned estate in their hands. And that
from the proceeds of the unencumbered
property the cost of the proceedings in the
case be paid.
The following were the counsel in the
case: J.. C. Haskell for Williams, Black d
| Co. Edmonton & Barker forF. w. Williams,
assignee C. f. Spencer for II. A. d. Nicely
Wilson q Wilson for the Merchants and
| Farmers National Bank, and Hart & Hart
for the Merchants and Planters Bank, of
Sherman, Texas.