the promissor shall perform some certain act, then his promise to pay money shall be void, or that it shall then be binding.

Thus, one who hires a house may give a bond to the owner, setting forth that, in case of his failure to pay the rent regularly according to the stipulations of the lease, he will forfeit to the owner of the house a certain sum of money; or one who takes an office of trust may give a bond stipulating that, should he do any act unworthy of the trust, a certain sum of money shall be forfeited by him therefor.

Sureties or Collateral Security on Bonds.

It is important always to have reliable sureties on a bond, who are then bound equally with the principal, as has already been shown. A bond may also be secured if the promissor deposits with the party to whom he gives the bond, some valuable property as collateral security, upon which the party to whom it is delivered can realize (that is, by disposing of it and reimbursing himself from the proceeds), if the condition of the bond be broken. Of course the terms of such a deposit should be clearly stipulated, so that, upon performance of the condition by the promissor, he may reclaim his property.

No action can be taken on a bond if it has lain dormant for twenty years. [See Statute of Limitations, Chapter 18, also Abstracts on the subject.]

If a promissory note be sealed, it becomes a bond, and its negotiability is destroyed.

CHAPTER XIV.

ASSIGNMENT, ATTACHMENT, GARNISHMENT, ETC.

Assignment of Claims-Assignment for Benefit of Creditors in Insolvency-Assignment of Insurance Policy, and of Mortgages-Collection of Debts-Arrest for Debt-Attachment of Property for Debt-Garnishee or Trustee Process-Exempted Property - Homestead Exemptions-Tender of Money Due-Receipts for Money Paid-Release of all Claims and Demands, etc.

Assignment of Claims.

Every right of action, or interest in property, real or personal, may be assigned by the party to whom it belongs, to some other party, and the latter then has all the rights and interests concerning the matter which the former had. He who makes the assignment is called the assignor; he to whom the assignment runs is called the assignee.

The whole of any property may be thus made over to another by assignment, or any right or interest therein may be.

Thus the lessee of a house, may, if the lease does not prohibit it, assign the lease to another who is then entitled to possession of the house for the remainder of the term, and is also liable to the owner of the house for the performance of the promises by which

the original lessee had bound himself. But an assignee may in turn assign to another, and thus rid himself of his obligations. [See Leases, Chapter 23.]

The assignee not only assumes any obligations by which the assignor was bound in the matter, but he also has all the advantages; thus if the assignment is of a contract, for the performance of which collateral security was given by the other party thereto, the assignor must deliver up such collateral to his assignee, unless the agreement stipulate otherwise.

One to whom any debt is due, may assign to another the right to collect the debt. In such case, the assignee must-unless some statute otherwise provides—sue in the name of the assignor, and any defense which might be set up against the latter is good also against the former. This has already been explained in the case of an unnegotiable promissory note.

Assignment for Benefit of Creditors.

It is very common for a debtor to make an assignment of personal property for the benefit of creditors. So when a debtor is obliged to go into insolvency, one or more assignees are appointed to take charge of his property, collect his debts, and settle with his creditors by paying to each a certain proportion of his claim. Sometimes the business in which the insolvent was engaged is carried on by the assignees, if it appears that this is most favorable to the creditors' interests; or it may be closed up, if this seems better..

Some personal property of the insolvent is exempted, and cannot be taken by the assignees. The wearing apparel and personal ornaments to a reasonable value, of himself, his wife and children are usually exempted, but the statutes and decisions in the vari

ous states settle this matter, as also all other questions concerning insolvency, and it does not seem necessary or practicable to go into them in this work. There is now no bankruptcy law in this country. [See Abstracts, Title, "Insolvency."]

An assignment ought always to be written, but it need not be sealed, even though the contract assigned by it is sealed.

To give an assignment of a policy of insurance, the consent of the under-writers must be given.

Mortgages of real and personal property are frequently assigned by the mortgagee to another.

Collection of Debts.

There are, in every state, certain means provided by which creditors can compel the payment of debts by those who have any money or property with which to make payment. [See Abstracts, Title, “Collection of Debts."]

Arrest for Debt.

In most states, a debtor may be arrested and imprisoned under certain circumstances, but in several states there is no arrest for debt, and in some others, no woman can be thus arrested.

The circumstances just referred to are usually as follows: If the creditor has cause to believe that his debtor intends to leave the state and thereby to abandon his debt and escape suit thereon; or that the debtor was guilty of fraud in the original making of the contract. The statutes in the various states regulating this matter of the collection of debts differ very much. [See Abstracts, Title, "Arrest."]

Attachment of Property for Debt.

Whether the debtor may be arrested or not, his property may be attached to satisfy the demands of any creditor who brings suit against him. But certain property is exempt from liability and cannot be attached for debt, as will be shown later.

In the New England states, every summons to a party to appear and defend himself in an action of contract (as distinguished from an action of tort) includes as a matter of course an attachment of the defendant's property. But elsewhere, a special writ of attachment must be served. A writ of attachment will not generally be given in an action of tort.

The property attached still remains that of the defendant, and the plaintiff acquires no right therein, but the attachment is a lien on the property, by which the defendant is prevented from disposing of it till the case is decided. [A lien is the right which one person may have to hold possession of the property of another, as a security for some debt or charge.] If judgment is given for the plaintiff, the amount of judgment and costs of suit may be satisfied by selling the property; if for defendant the attachment is thereby dissolved, and he regains full control over the property

While suit is pending, the constable or sheriff who served the attachment has control of the property, and is responsible for it. In New England, he may give it into the charge of a responsible person usually called a keeper, who must take constant care of it, either on the premises of the defendant, or by taking it elsewhere, as the parties may decide. A keeper put into the place of business of the debtor,