Library item instantiation function

Basically looking for a way to get the instance created when I use this function I’ve made, it seems to me “libItem” will be a new instance and I would like to re-assign that back to the item passed into the function so I can access the instance later.

Here is the helper function I created to create library on the stage…

function objectPlacer( libItem, instance:Class ):void 
{
     libItem = new instance( );
     addChild( libItem );
}

So here is how I call the function

// Function( var name, library item class name, pos x, pos y )
objectPlacer( i_ranks, txt_Ranking );

My problem is, I try to access “i_ranks” later with the following code…

i_ranks.x = 100;

and I get the error: TypeError: Error #1010: A term is undefined and has no properties.

“i_ranks” is defined as a class member.

Also, if you know - what should types should I be assigning the parameters instance and libItem in the function?