Todd v. Bucknam (1833)

Decision: June Term 1833; Mellen, C.J.; verdict set aside and new trial granted. Full opinion, reporter pp. 41–48, read in the Maine Legislature’s official Maine Reports scan. The volume contents list the case at 40; the opinion’s printed first page and reporter citation are 41.

Facts and holding

An assignee claimed goods conveyed by an ABC deed executed by a trader and certain creditors. A sheriff later attached goods for a dissenting creditor. The deed required creditor assent and delayed collection of remaining balances.

The Court declined to presume assent to those conditions. A dissenting creditor could attach property not needed for creditors who had assented before attachment; trustee process was not the exclusive remedy. Although the schedule showed a surplus, the assignee could prove on retrial that actual property/account values were insufficient for assenting claims. Release and resulting-surplus provisions did not by themselves invalidate the deed. Full historical opinion.

Present use and limits

The opinion verifies a historical common-law ABC of goods. It does not establish a current comprehensive administration scheme, automatic release of nonassenting claims, or lien-free buyer title. Current law separately recognizes ABC insolvency proceedings in 11 §1-1201(22) and preserves security interests through dispositions under §9-1315, subject to statutory exceptions/authorization. §1-1201, §9-1315.

No modern decision establishing this holding’s full current reach was retrieved. Historical holding verification and modern later-treatment verification remain separate; the page does not label the opinion still_good.

Applies in

maine · assignment-for-the-benefit-of-creditors

Disclaimer. Legal information, not legal advice. This is historical authority; verify modern statutes, priority rules and later treatment before acting.