Author: Anonymous

Publisher: Rarebooksclub.com

Published: 2013-09

Total Pages: 406

ISBN-13: 9781230020587

This historic book may have numerous typos and missing text. Purchasers can usually download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1907 edition. Excerpt: ...about his claim, and have a strong desire to secure it, and yet such belief as the act requires may be wanting. Obtaining additional seeurity, or receiving payment of a debt under such circumstances is not prohibited by the law. Receiving payment is in the same category as receiving securityt Hundreds of men constantly continue to make payments up to the very eve of their failure which it would be unjust and disastrous to set aside. Yet this could be done if suspicion of their solvency was sufficient. The debtor is often buoyed up by the hope of being able to get through with his difiiculties long after his case is, in fact desperate; and his creditors, if they know anything of his embarrassments, either participate in the same feeling, or at least are willing to think there is a possibility of succeeding. To overhaul and set aside all his transactions with his creditors, under such circumstances, because there may exist some grounds of suspicion, would make the bankrupt law an engine of oppression and injustice. It would, in fact, produce bankruptcy in many cases. Ilence the act very wisely requires that the creditors must have a knowledge of some fact or facts calculated to produce a belief of insolvency in the mind of an ordinarily intelligent man." But it is claimed by the plaintiff that these payments, amounting to $16,940.37, were. made upon pre-existing debts to the bank, and were tl1'I'e-l'o1'e a transfer of property within the n1eaning oi' the Bankrupti-_v.et. and amounted to a preference. I say to you as:1 matter of law, that if you should find from the evidenee that these payments were so made, i. 0., upon antecedent debts by Campbell Brothers. to the bank, who were at the time of the payments insolvent, then such...