203

agreement of two against the other, as may be provided in the submission.

The parties engaged in determining disputes in this manner are known as arbitrators.

The decision of the arbitrators is called an award.

Arbitrations, and their determination of cases, are sometimes regulated by the laws of the State in which they occur.

Arbitrations are not always voluntary' on the part of the persons in dispute, for in some States one party may compel the other to refer the case to arbitrators, if he refuses to do so. This is called a reference.

The courts may also sometimes order a disputed case to be settled in this manner, with the consent of both parties.

A party cannot be compelled to agree to arbitrate, nor after he has signed the agreement can he, as a general rule, be compelled to select his arbitrators, nor after the arbitrators are appointed can he be compelled to submit his side of the case. But after a valid award has been made the courts will enforce it. Either party may recall his submission to arbitration, how

ever, at any time before the award is written out; but the party who thus recalls the arbitration is responsible for all the costs and damages that have accrued in consequence of his previous consent to submit his case to arbitrators.

If an award is illegal, unreasonable, incapable of being executed, or indecisive of any or all matters submitted to the arbitrators, it is not binding.

Beside the agreement to submit the questions in dispute, called a submission, the parties usually execute to each other, with sureties, a bond to abide by and perform the award, on which also a suit can be brought, if the award is not performed.

Arbitrations are customary in disputes relating to wages for services, current accounts, failures to fulfill contracts, partnerships, annuities in lieu of dower, land titles, boundaries and trespasses.

Awards may cover the payment of moneys, the fulfillment of agreements, the delivery of goods or writings, the assignment of mortgages and leases, and the specific conveyance of land, but not as to the title to land.

Form of Submission to Arbitration.

The following is the general form to be used in referring all

matter? in dispute between the parties at issue; the special

form is used where the controversy is confined to one or two

particular disagreements:

Know All Men Bt These Presents, That we, the undersigned, hereby mutually agree to submit all the matters In difference between us, of every kind, name and nature, to the determination and award of Edward Blair, Edward R. Stimpson and Robert Merritt, of VIIllsca, Montgomery county, Iowa, as arbitrators. That said arbitrators, or any two of them, shall hear and determine the matters in dispute between us, and award the payment of all the costs and expenses incurred in such arbitration. That the said arbitrators shall make their award in writing on or before the tenth day of January, A. D. 1888. Done at Vlllisca, Iowa, December 1, A. D.

us to the determination and award of, etc. (As in the form of gen* eral submission, to the end.)

[Other special grievance* may be embodied in a similar form. ]

Bond for Submission to Arbitration.

Each party in dispute executes this bond to the other, so that both are equally bound to submit to the award of their chosen arbitrators.

Know All Men By These Presents, That I, Merrick Welch (or Simon J. Grover), of the town of Villisca, in the county of Montgomery, and State of Iowa, am held and firmly bound to Simon J. Grover (or Merrick Welch) in the sum of Two Thousand Dollars, for the payment of which I bind myself and my legal representatives by these presents.

The condition of this obligation is: That if the above bounden Merrick Welch (or Simon J. Grover), or his legal representatives shall submit, perform, and comply with the award, determination, judgment and orders of Edward Blair, Edgar R. Stimpson and Robert Merritt, the arbitrators named and selected by the said Merrick Welch and Simon J. Grover to award, determine, judge and order of and concerning the controversy existing between them, as partners, as to the settlement of the firm business and the business transactions and claims by and between them subsequent to the twelfth day of June, A. D. 1882 (with power to award payment of costs and expenses incurred in said arbitration), then this obligation shall be void; otherwise it shall remain in full force.

Sealed with my seal and dated this first day of December, 1882. John Clever, ) wlfliMi MERRICK WELCH,

T. S. Waller, f >v»ne*««B- (Qr SIMON J. GROVER.)

204

Sometimes the limitations of the time in which the arbitration award shall be made is embodied in the bond, as well ae in the agreement of submission to the arbitration.

Form of Notice to Arbitrators.

Edward Blair, Edoar R. Stimpson and Robert Merritt:

Gentlemen—Yon have been chosen arbitrators on behalf of the undersigned, to arbitrate and award between them, in such matters and things as set forth in their submission, which will be open to your inspection when you meet at the Runals House, in the village of Villi sea, Iowa, on the second day of January, A. D. 1883, at ten o'clock in the forenoon, to hear the allegations and proofs of Yours, etc.*

MERRICK WELCH, SIMON J. GROVER. Dated at Villisca, Iowa, this fifteenth day of December, A. D. 1882.

From of Subpoena of Witness.

The people of the State of Iowa, to Edmund W. Thomas and Samuel M. West: You, and each of you, are commanded personally to appear and attend at the Runals house, in the village of Villisca, in Montgomery county, Iowa, on the second day of January, A. D. 1883, at ten o'clock in the forenoon, before Edward Blair, Edgar R. Stimpson and Robert Merritt, of Villisca, arbitrators chosen to determine a controversy between Merrick Welch and Simon J. Grover, then and there to testify as a witness in relation thereto, before said arbitrators, on the part of the said Merrick Welch. Hereof fail not at your peril. Given under my hand, this twentysixth day of December, A. D. 1882.

ERICK LARSON, Justice of the Peace.

It is customary to allow fees to arbitrators for their services equal to those given referees appointed by courts of law to determine cases.

Form of Arbitrators' Oath.

Before entering upon their duties, the arbitrators should. If

required by law or the submission, go before a judge of some court

of record, or a justice of the peace, and make oath as follows:

You do severally swear, faithfully and fairly to hear and examine the matters in controversy between Merrick Welch, of the one part, and Simon J. Grover, of the other part, and to make a just award according to the best of your understanding. So help you God.

The arbitrators can administer the oath to witnesses before them,

in the usual form of courts of law, when they are acting under

the order of a court or statute.

General Form for the Arbitrators' Award.

Know All Men By These Presents, that we, the undersigned, arbitrators of all matters in difference, of every kind, name and

nature, between Merrick Welch and Simon J. Grover, by virtue of their agreement of submission of said matters, dated at Villisca, Iowa, on the first day of December, A. D. 1882, do award, order, judge and determine of and concerning the same as follows.:

1. That, etc. 1 Plainly setting forth each point of difference be

2. That, etc. I tween the parties, and the decision reached by the

3. That, etc. f arbitrators on each item, in accordance with law

4. That, etc.! and equity, and icith the testimony presented. In witness whereof, we have, in the presence of each other, here

unto set our hands this third day of January, A. D. 1883.

EDWARD BLAIR,

ROBERT MERRITT,

EDGAR R. STIMPSON.

Special Form of the Arbitrators' Award.

Know All Men By These Presents, that we, the undersigned, arbitrators of the controversy existing between Merrick Welch and Simon J. Grover, partners, doing business at Villisca, Montgomery county, Iowa, under the firm-name of Welch & Grover, relative to a settlement of their firm business, and especially of the business transactions by and between them since the twelfth day of June, A. D. 1882, by virtue of their submission to us of the settlement of said matters, dated at Villisca, Iowa, on the first day of December, A. D. 1882, do award, judge and determine of and concerning the same as follows:

1. That the said partners are each equally liable for one-half of the indebtedness of said firm.

2. That each of id partners is fully entitled to receive one-half of all profits accruing to their said business, if any there be, since the twelfth day of June, A. D. 1882.

3. That the copartnership heretofore existing between the said Welch and Grover be, and hereby is, fully dissolved from and after the date hereof.

4. That John Allen, of Villisca, Iowa, merchant, is hereby appointed and confirmed a receiver to take charge of all accounts and evidences of debt of said firm, and to sell to the best advantage, for cash, within one year, all the real estate and personal property of every kind, held and owned by said partners.

5. That the money realized from the sales of the said property by the receiver of the said firm shall be discreetly used only for the payment of the indebtedness of said firm of Welch & Grover, until the expiration of two years from this date, at which time the surplus funds arising from such sales, and remaining after the indebtedness of the said firm, is all paid (if-any such surplus shall exist), shall be equally divided between said partners by the said receiver.

6. That the promissory note executed June 15, A. D. 1882, by the. said Merritt Welch to the said Simon J. Grover, for the sum of One Thousand Dollars, which was given as a collateral security in a contingency which we, the said arbitrators, find did never exist, is declared void and uncollectable for want of a proper consideration therefor.

In witness whereof, we have. In the presence of each other, hereunto set our hands the third day of January, A. D. 1883.

EDWARD BLAIR,

EDGAR R. STIMPSON.

ROBERT MERRITT.

205

An assignor is one who transfers his interest, right or title to another.

An assignee is one to whom a transfer is made.

Certain assignments must be in writing, as transfers of real estate.

All assignments relating to lands and tenements must be properly signed, sealed, acknowledged and recorded, like a deed.

The usual phrase in making an assignment is "assign, transfer and set over;" but the words, "give, grant, bargain and sell," will constitute an assignment.

"Where property of any kind is assigned for the benefit of creditors, its immediate delivery to the assignee is required.

An assignment may convey the whole property absolutely, or in trust, or only an equitable right to the benefit of it, the legal title remaining in the assignor.

An assignment for the benefit of creditors may be at common law, or under a statute. At common law the assignor may prefer creditors. By statute he can not.

An assignment for the benefit of creditors must provide that the property be turned into cash and divided amongst creditors, and must not reserve any benefit to the assignor. Such an assignment should be of all the assignor's property liable to and not exempt from execution.

Under some insolvent and bankrupt acts, the adjudication itself that a person is a bankrupt transfers his property to the assignee.

When insured property is sold, the policy should be assigned to the purchaser. This can only be done with the consent of the insurer, to

be indorsed on the policy. Forms for transfer of the policy and assent are usually printed on the policies.

No one except the person owning insured property at the time of the assignment can legally become the assignee of an insurance policy covering it, and then the consent of the insurers to the transfer must be obtained. Legal assignments can be made of copyrights, contracts, deeds, mortgages, bonds, leases, notes, drafts, accounts, judgments, all claims for money or wages, insurance, corporation shares, etc.

All property assigned must be distinctly described in the assignment, or the schedule attached thereto.

Stock in incorporated companies is assigned by an assignment on the back of the certificate, and by a transfer on the stock-book. Forms for this purpose are usually printed on the back of the certificate.

All assignments, except statutory, are contracts, and subject to the same law.

Thus, an assignment at common law for the benefit of creditors needs the assent of the creditors to make it valid.

Assignments for the benefit of creditors are now regulated by statute law in nearly every State.

An assignment of a debt or note carries with it all collaterals and securities.

A mortgage cannot be assigned without a transfer, at the same time, of the debt, note or bond. In addition, in some States, the land also should be conveyed as in the form below.

A Simple Assignment.

For Taint* received, I hereby assign all my right, title and interest In the within contract to John Doe. Dated Chicago, November IT, A. D. 1884.

RICHARD ROE.

Assignment ol Wages.

Know All Men Bt These Presents. That I, Myrick J. Lasley, of Riverside, Cook county, and State of Illinois, in consideration of Fifty Dollars, the receipt of which I acknowledge, do hereby assign, transfer and set over to George Z. Bassett, of the same place, all claims and demands which I now have, and all which at any time between the date hereof and the seventeenth day of January next, A. D. 1883, I may or shall have against Cooper Donelson for all sums

of money due, or to become due to me, as engineer In bit factory; that I do hereby appoint and constitute add George Z. Bassett, and his assigns, my attorney irrevocable, to do and perform all acta, matters and things in the premises in like manner, and to all intents and purposes, as I could if personally present.

In witness whereof I have hereunto set my hand this seventeenth day of November, A. D. 1888.

F. O. Buck, Witness. MYRICK J. LASLKY.

[ The abort form i» proper for all auignmentt of righU. ]

Form ol Assignment ol a Mortgage.

Know All Men By These Presents. That whereas Donald Cooper, of the town of Aurora, in Kane county, and State of niinols, on the fifth day of August, A. D. 1881, by his deed of mortgage of

that date, for the consideration of One Thousand Dollars, did grant, bargain, sell and convey unto ine, Cameron Smith, of Chicago, in Cook county and State of Illinois, my heirs and assigns, all and singular the real estate (minutely described); to have and to hold the game to me, the said Cameron Smith, my heirs and assigns, forever, upon condition (here insert the conditions of the mortgage). Now, therefore, I, the said Cameron Smith, in consideration of the sum of One Thousand Dollars, to me in hand paid before the ensealing hereof, do by these presents sell, assign, transfer, and set over unto William Anderson, of Aurora, in Kane county and State of Illinois, his heirs and assigns, forever, the mortgage, debt, notea, and bonds, and the said (premises or property), to have and to hold the same to him, the Baid William Anderson, his heirs and assigns, forever, as fully, and in as ample a manner as I, the said Cameron Smith, my heirs or assigns, might hold and enjoy the same by virtue of the mortgage deed aforesaid, and not otherwise.

And I do, for myself, my heirs, executors, and administrators, hereby authorize and empower the said William Anderson, his heirs, executors, and administrators, to receive to his and their own use the sum or sums mentioned in the condition of said deed whenever the same shall be tendered or paid to him, or them, by the said Donald Cooper, his heirs, executors, or administrators, agreeably thereto, and to discharge the said mortgage, or to take and pursue such other steps and means for recovery of the said sum or sums, with the interest, by the sale of the said mortgaged premises, or otherwise, as by law are provided, as fully to all Intents and purposes as I, the said Cameron Smith, my heirs, executors, or administrators, might or could do.

And I do, for myself, my heirs, executors, and administrators, covenant with the said William Anderson, his heirs and assigns, that I have good right to assign the said mortgage, debt, and premises as

aforesaid, that there is now due thereon Dollars; and that he, the

said William Anderson, shall and may have, hold, occupy, possess, and enjoy the same (subject, however, to the right of redemption, as by law in such cases is provided), against the lawful claim of all persons.

In witness whereof I have hereunto set my hand and seal this eighteenth day of November, A. D. 1882.

Form of Assignment of a Lease.

Know All Men Bt These Presents, That I, Jacob Spencer, of Chicago, in Cook county, and State of Illinois, for and in consideration of Two Hundred Dollars, to me duly paid by George J. Watson, of the same city, county and State, do by these presents grant, convey, assign, transfer and set over unto said George J. Watson a certain instrument of lease, bearing date the first day of May, A. D. 1882, executed by Andrew Knox, of the same city, county and State, to me for a term of two years, reserving unto said Andrew Knox the yearly rent of One Hundred and Eight Dollars, payable monthly.

That this assignment shull take effect on the first day of November, A. D. 1882, to continue during all the remainder of said term of two years, subject, nevertheless, to the rents, covenants, conditions and provisions in said lease mentioned.

That I do covenant, promise and agree, that I, Jacob Spencer aforesaid, am now In the full enjoyment and possession of said premises, and that they are now free and clear of all assessment*. asnignments, back-rents, bargains, demands, taxes, and all other encumbrances tending to disturb the peaceful enjoyment of said premises by the said George J. Watson during the unexpired term of this paid lea-»e.

In witness whereof I have hereunto set my hand and seal this eighteenth day of September, A. D. 1882.

Assignment of an Insurance Policy.

Know All Men By These Presents, That having sold and conveyed the insured property within mentioned to George M. Port** r, of Evanston, Cook county and State of Illinois, his heirs and assigns forever, I do hereby, for and in consideration of the sum of One Dollar, to me in hand paid by the said George M. Porter, assign and transfer the within policy of insurance to him, his executors, administrators, and assigns; and the said George M. Porter, by subscribing this assignment, makes himself responsible for all the agreements to which I have bound myself by the within policy.

Witness our hands and seals, at Chicago, Cook county and State of Illinois, this twenty-first day of November, A. D. 1882.

Assignment of Stock of Railroad and Other Corporations.

Know All Men By These Presents, That I. Charles Ross, of Sycamore, De Kalb county, and State of Illinois, for and in consideration of Ten Thousand Dollars, to me duly paid by Mortimer M. Elliott, of Aurora, Kane county, and State of Illinois, do hereby assign, convey, transfer and set over unto said Mortimer M. Elliott all ray right, title and interest in the shares, scrip and capital stock and property of the corporation and concern known as the Pullman & Burlington Railroad company, which company has its place of business at Chicago, in Cook county, and State of Illinois. And I further covenant and agree to and with the said Mortimer M. Elliott, his executors, administrators, and assigns, that, at the request of him or them, I and my executors, administrators and assigns, shall and will at all times hereafter execute any Instrument that may be necessary to vest completely in him or them all my rights, title and interest to said property, scrip and stock, and to enable him or them to possess, control, enjoy and transfer all the property and choses in action herein assigned, or intended to be assigned.

In witness whereof, I hereunto affix my hand and seal, at Sycamore, De Kalb county, and State of Illinois, this twenty-first day of November, A. D. 1883.

Signed, sealed and delivered
in presence of
Robert Flagg,
William B. Smith.

CHARLES ROSS.

HI

Form of Assignment of a Patent

Know All Men Bt These Presents, That in consideration of One Thousand Dollars, to me in hand paid by Norman Endicott, of the city of Rochester, in the county of Genesee, and State of NewYork, I do hereby sell and assign to the said Norman Endicott all my right, title and interest in and to the letters patent of the United States, No. 100,000, for an improvement in hydraulic engines, granted tome September twenty-one, A. D. 1882, the same to be held and enjoyed by the said Norman Endicott lo the full end of the term for which said letters patent are granted, as fully and entirely as the same would have been held and enjoyed by me if this assignment and sale had not been made.

Witness my band and seal this twenty-first day of November, A. D. 1882, at the city of Buffalo, In the county of Erie, and State of New York.

In presence of )

Silas W. Jones, J- SOLOMON TIBBS.

Robert Scott. J

Form of Assignment of the Copyright of a Book.

Know All Men By These Presents, That in consideration of the sum of Three Thousand Dollar?, to me in hand paid by Josiah Allen and Joshua Billings, partners and publishers, doing business at Boston, in the county of Suffolk, and State of Massachusetts, I do hereby sell and assign the copyright heretofore taken out by me for

207

the book entitled *'Cottage Papers: A Literary Miscellany for All A^ee/' of which I am the author and proprietor, the certificate of which copyright is annexed to this assignment, with all my literary property, right, title and interest in and to said book, and all the profit, benefit, or advantage thut shall or may arise from printing, publishing und vending the same in all the States and Territories of the United States of America, to hold and enjoy the same during the full end and term for which the said copyright has been issued.

In witness whereof, at Chicago, in Cook county, aud State of Illinois, I have hereunto affixed my hand and seal this twenty-first day of November, A. D. 1882.

In presence of ) Roger Riderhood, V MATTHEW HAWTHORN, ?£Ti

John Harmon. J a«n«o

Note.—To the foregoing assignment must be securely fastened either the original, or a properly certified copy, of the certificate of copyright for said book, issued by the librarian of Congress at Washington.

Assignments of patent and copyrights should be acknowledged and recorded in the patent office, Washington, D. C.

Assignment by a Debtor, for the Benefit of His Creditors.

Know All Men By These Presents, that this assignment, made this twenty-first day of November, A. D. 1882, by Norton Norris, of Salamanca, in the county of Gregory, and State of Tennessee, dealer in general merchandise, of the first part, and Hiram Hunt, of the same place, of the second part, and the several persons, creditors of the said party of the first part, who have executed or shall hereafter execute or accede to these presents, of the third part, witnesscth:

That whereas the said party of the first part is justly indebted in considerable sums of money, and has become unable to pay and discharge the same with punctuality, or in full; and that he, the said Norris Norton, is now desirous of making a fair and equitable distribution of his property and effects among his creditors: Now, therefore, the said party of the first part, in consideration of the premises, and of the sum of One Dollar, to him in hand paid by the party of the second part, the receipt whereof is hereby acknowledged, has bargained, granted and sold, released, assigned, transferred, and set over and by these presents does grant, bargain and sell, release, assign, transfer, and set over unto the said party of the second part, and to his heirs and assigns forever, all and singular, his lands tenements, hereditaments, goods, chattels and choses in action, of every name, nature and description, wheresoever the same may be, more particularly enumerated and described in the schedule hereunto annexed, marked "Scnednle 1," excepting and reserving such property only as is exempted by law from attachment; to have and to hold the eame unto the said party of the second part, his heirs and assigns; but in trust and confidence, nevertheless, to sell and dispose of the said real and personal estate, and to collect the said

choses in action, and sell and dispose of the same for cash upon such terras and conditions as in his judgment may appear best, and most for the interest of the parties concerned, making sales thereof for cash or on credit, at public auction, or by private contract, and with the right to compound for the said choses in action, accepting a part of the value thereof for the whole, where the trustee shall deem it expedient so to do; and then, in trust, to dispose of the proceeds of the said property In the manner following, to wit:

First. To pay all such debts as by the laws of the United States are entitled to a preference in such cases.

Second. To pay and discharge ail the just and reasonable expenses, costs and charges of executing this assignment, and of carrying into effect the trust hereby created, including the lawful commissions of the party of the second part for his services in executing the said trust.

Third. To distribute and pay the remainder of said proceeds to the creditors of the said party of the first part, for all debts and liabilities which he may owe, or for which he may lawfully be held responsible, to any person whomsoever; provided, that should the proceeds arising from the sale of his assets not be sufficient to pay all his indebtedness, then the said debts are to be paid ratably and in proportion.

Fourth. The residue and remainder of the proceeds of said sales and disposal of the assets of the party of the flrBt part., if any there be, after paying all his debts in full, shall be repaid to him, the said party of the first part, his executors, administrators or assigns.

And the party of the first part, for the better execution of these presents, and of the several trusts hereby reposed, does hereby make, nominate and appoint the said party of the second part, and his executors, administrators and assigns, bis true and lawful attorney irrevocable, with full power and authority to do, transact and perform all acts, deeds, matters and things which can or may be necessary in the premises, as fully and completely as the said party of the flrBt part might or could do, were these presents not executed; and also for the purposes aforesaid, or for any of them, to make, constitute and appoint one or more attorneys under him, and at his pleasure to revoke the same; hereby ratifying and confirming whatever the said party of the second part, or his substitute, shall lawfully do in the premises.

And the party of the second part, hereby accepting these trusts, covenants to and with each of the other parties hereto, to execute the same faithfully; and that this covenant shall be as binding upon his executors, administrators and assigns as it is upon himself.

In witness whereof the parties to these presents have hereunto set their hands and seals the day and year first above written. In presence of Uriah Welch, David T. Ellis.

Creditors assent by proving their debts or filing the same with the assignee As it conveys real estate, it should be acknowledged and recorded as a deed.