The Doctrine of Equity A Commentary on the Law as Administered by the Court of Chancery - nouveau livre

Purchase of this book includes free trial access to www.million-books.com where you can read more than a million books for free. This is an OCR edition with typos. Excerpt from book: thing. It therefore becomes necessary to con- r sider the principle which determines the Priority between such conflicting claims. The rule of priority in regard to transfers and charges of the legal estate, whether made spontaneously by a conveyance, or compulsorily by a judgment at law, is that the order of date prevails. Conveyances take place from the date of the conveyance; judgments against realty from the date of the judgment; and judgments against personalty from the delivery of the writ; nor does the mere absence of valuable consideration affect the priority, except where it is provided otherwise by statutr. There are, however, several statutes which have this effect, viz., the statute of 27 Eliz. e. 4, by which certain grants of real estate are avoided as against subsequent purchasers; that of Eliz. e. 5, by which certain grants either of real or personal estate are avoided against creditors; and the Statutes of Bankruptcy and Insolvency, by which certain grants made by a bankrupt or insolvent are avoided as against his assignees.t By the statute of 27 Eliz. e. 4, it is enacted, that conveyances, grants, ande., of or out of any lands or hereditaments had or made of purpose to defraud and deceive such persons as shall purchase the same lands or hereditaments, or any rent, profit or commodity out of the same, shall be deemed and taken, only as against such persons and their representatives as shall so purchase the same for money or other good consideration, to be utterly void. t The subject of conveyances of land and chattels in fraud of purchasers or creditors, upon which there is a very considerable diversity of decision and legislation in the different states, will be found discussed very fully in the notes to Sexton v. Wheaton, 1 Am. Lead. Cas. 17; and...