David Galbreath - New York Deeds

Deed – Secretary of State, New York. 

Deed Book 44, pgs 260

Recorded at the request of Messrs David Galbreath and others this 19^th day of June 1787. 

This Indenture made the twenty second day of December in the year of our Lord one thousand seven hundred and eighty five 

Between Dennis McReady of the City of New York in the State of New York Merchant of the one part and Nicholas Low, David Galbreath, Robert Bowne and William Sheddon of the same place Merchants and creditors of the said Dennis McReady of the other part 

Whereas the said Dennis McReady is indebted to sundry persons as well in Europe as in America in considerable sums of money which he is unable at present to discharge and several of the said creditors have executed a letter of licence for the said Dennis McReady for the space of one calendar month from the date hereof to enable him to arrange his affairs and that a proper judgment may be made of their situation, And whereas it is the fixed intention of the said Dennis McReady that equal justice shall be done to all his creditors in every event 

Now this Indenture witnesseth that in order to prevent any of his creditors by any possibility from obtaining an undue preference over the others, as well as to secure his whole property for their equal benefit, and in consideration of the sum of ten shillings current money of the State of New York to him in hand paid at or before the ensealing and delivery of these presents by the said Nicholas Low, David Galbreath, Robert Bowne and William Sheddon, the receipt whereof is hereby acknowledged he the said Dennis McReady hath granted bargained sold assigned transferred and made over and by these presents doth fully clearly and absolutely grant bargain sell assign transfer and make over unto the said Nicholas Low, David Galbreath, Robert Bowne and William Sheddon their executors administrators and assigns
All that certain ship or vessel called the Betsey and of her tackle apparel boats anchors cables and appurtenances
And also all that one full and equal third part of the brig or vessel called the Governor Gerard and of her tack apparel boat anchor cables and appurtenances,
And also his the said Dennis McReady’s right share interest property and proportion of and in several cargoes already laden or which may hereafter be laden on board of the said vessels and every of them,
And also all his the said Dennis McReady’s bonds accounts books vouchers securities for money goods wares merchandizes chattels and effects of what nature or kind soever, 

To have and to hold the same and every of them to the said Nicholas Low, David Galbreath, Robert Bowne and William Sheddon their executors administrators and assigns forever In trust for all the creditors of the said Dennis McReady  in proportion of their several just demands against him and subject to the several provisos restrictions conditions and directions hereafter mentioned and declare, that it is say provided always, and it is the true intent and meaning of these presents, that it shall be and may be lawful for the said Dennis McReady for and during the space of one calendar month from the date hereof to sell and dispose of any of the goods wares and merchandizes chattels and effects aforesaid at his discretion and to receive any outstanding debts and to give good and sufficient acquaintances for the same which acts of his so provided for shall be valid and effectual not only against the parties to these presents but against all the creditors of the said Dennis McReady in like manner as if these presents had never been made 

provided also that it shall and maybe lawful for the said Nicholas Low, David Galbreath, Robert Bowne and William Sheddon their executors administrators or assigns at or before the expiration of the said calendar month by and with the consent of the major part of the creditors who have executed the letter of licence above recited to reassign and grant over all and singular the matters and things herein before to them granted and assigned to the said Dennis McReady his heirs executors administrators and assigns freed from and discharged from the trusts aforesaid, in like manner as if these presents had never been executed, but if at the expiration of the said month it shall be expedient to the major part of the said creditors that the grant and assignment herein before contained should remain in full force then and in such case the said Nicholas Low, David Galbreath, Robert Bowne and William Sheddon their executors administrators and assigns shall and will with all convenient speed sell and dispose of the aforesaid ships vessels and parts of vessels and cargoes goods wares merchandizes chattels and effects to the best advantage and receive and collect all the outstanding debts of the said Dennis McReady and divide the produce of the same from time to time as soon as may be (the first division to be within ….blank….  from the date hereof) among all the creditors of the said Dennis McReady in proportion to their several just demands rendering the overplus if any to the said Dennis McReady his executors administrators or assigns 

provided always and it is agreed by and between the parties to these presents that if any of the creditors of the said Dennis McReady shall after the expiration of the said calendar month refuse upon request to them for that purpose made, to execute a general release and discharge of all the demands against the said Dennis McReady his executors administrators and assigns, then and in such case such creditor or creditors his her or their executors administrators and assigns shall be utterly excluded from any benefit of these presents and the share and dividends as that would or might have been coming to him her or them by virtue of these presents if he she or they had executed such release shall be paid to the said Dennis McReady his heirs executors administrators or assigns for his or their own proper use & benefit 

And the said Dennis McReady for himself his heirs executors and administrators doth hereby covenant and grant to and with the said Nicholas Low, David Galbreath, Robert Bowne and William Sheddon their executors administrators and assigns, that in case this assignment shall continue in force as aforesaid without any reassignment at the expiration of the said month then and in such case he, his executors and administrators shall and will make do and execute or cause to be made done and executed all and every lawful and reasonable act and acts thing and things device and devices in the law whatsoever that shall be reasonably required by his creditors or any of them for the further better and more perfect granting and assigning the said several matters and things herein before mentioned to the said Nicholas Low, David Galbreath, Robert Bowne and William Sheddon their executors administrators and assigns forever in trust as aforesaid, and for enabling them to recover all sum and sums of money due and owing by any ways or means whatsoever and from any person or persons whom soever to the said Dennis McReady, he doth hereby authorize them to use and employ his name and the names of his executors and administrators in all Courts and actions where the same may requisite or proper, 

And the said Dennis McReady doth hereby further covenant and grant for himself his heirs executors and administrators to and with the said Nicholas Low, David Galbreath, Robert Bowne and William Sheddon their executors administrators and assigns that he the said Dennis McReady shall and will at the expiration of the said month or sooner if required faithfully account for and pay to the said Nicholas Low, David Galbreath, Robert Bowne and William Sheddon their executors administrators and assigns for all and every sum and sums of money which shall or may be by him had or received by virtue of or according to the terms of the proviso first herein before contained, such sum and sums of money to be by them applied accordingly to the trust aforesaid and the true intent and meaning of these presents, and the said Nicholas Low, David Galbreath, Robert Bowne and William Sheddon do covenant and grant to and with the said Dennis McReady his executors administrators and assigns well and faithfully to execute the trust aforesaid according to the true intent and meaning of these presents 

In witness whereof the parties to these presents have hereunto interchangeably set their hands and seals the day and year first therein before mentioned   Dennis McReady, Nicholas Low (seal), David Galbreath(seal), Robert Bowne (seal) and William Sheddon (seal) 

Sealed and delivered in the presence of us the word ‘to’ interlined between the fifth and sixth line from the bottom of the first sheet, the words ‘by &’ interlined between the 2^nd & 3^rd lines of the 2^nd page, the words ‘without any reassignment at the expiration of the said month’ interlined between 9^th & 10^th lines of the same sheet, the words ‘for the further’ written on an erasure, some words obliterated that had been written twice and spelling of names & altered.  Gibb Bourk, Pat O’Brien 

City of New York ss.
Be it remembered that on the second day of March in the year of our Lord one thousand seven hundred and eighty six and of our Independence the tenth, personally appeared before me James Duane Mayor of the said City Gibb. Bourk one of the subscribing witnesses to the within Indenture who being duly sworn did declare that he was present and did see the within named, Dennis McReady, Nicholas Low, William Sheddon, Robert Bowne and David Galbreath sign seal and deliver the same Indenture as that act and deed for the uses and purposes therein mentioned, and that Patrick O’Brien the other subscribing witness was also present and together with the deponent subscribed his name as a witness to the execution thereof, And I having inspected the same and finding no material razures or interlineations therein but what are noted to have been made before the execution thereof do allow the same to be recorded  Jas. Duane

LDS Film # 945276

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