bank note resembles a common promissory note, (q. v.) issued by a bank or corporation authorised to act as a bank. It is in fact a promissory note, but such notes are not, for many

BAN. A proclamation, or public notice; any summons or edict by which a thing is forbidden or commanded. Vide Bans of Matrimony; Proclamation.

securities for money, but are treated as money or cash, (q. v.) 1 Sch. & Lef. 318, 319; 11 Ves. 662; 1 Roper, Leg. 3; 1 Ham. R. 189, 524; 15 Pick. 177; 5 G. & John. 58; 3 Hawks, 328; 5 J. J. Marsh. 643. These notes are not like bills of exchange, mere securities, or documents for debts, nor are they so esteemed; but are treated as money, in the ordinary course and transactions of busi

BANE, this word was formerly used to signify a malefactor. Bract. I. 2, t. 8, c. 1.

BANISHMENT, crim. law. A punishment inflicted upon criminals, by compelling them to quit a city, place or country, for a specified period of time, or for life. Vide Deportation; Relegation.

BANK, com. law. 1. A place for the deposit of money. 2. An institution, generally incorporated, authorised to receive deposits of money, to lend money, and to issue promissory notes, usually known by the name of bank notes. 3. Banks are said to be of three kinds, viz. of deposit, of discount, and of circulation; they generally perform all these operations. Vide Metc. & Perk. Dig. Banks and Banking.

BANK BOOK, commerce, is a book which persons dealing with a bank keep, in which the officers of the bank enter the amount of money deposited by him, and of all notes or bills deposited by him, or discounted for his use.

BANK NOTE, contracts. A

kind; and, on payment of them, when a receipt is required, the receipts are always given as for money, not as for securities or notes. 1 Burr. R. 457; 12 John. R. 200; 1 John. Ch. R. 231; 9 John. R. 120; 19 John. 144. Bank notes are assignable by delivery, Rep. Temp. Hard. 53; 9 East, R. 48; 4 East, R. 510; Dougl. 236. The holder of a bank note is prima facie entitled to prompt payment of it, and cannot be affected by the fraud of any former holder in obtaining it, unless evidence be given to bring it home to his privity. 13 East, R. 135; Dane's Ab. Index, h. t.; Pow. on Mortg. Index, h. t.; U. S. Dig. h. t. Vide Note; Promissory note; Reissuable note.

BANK STOCK is the capital of a bank. It is usually divided in shares of a certain amount, as five hundred dollars, one hundred dollars, and the like. This stock is generally transferable on the books of the bank, and considered as personal property. Vide Stock.

BANKER, comm. law. A banker is one engaged in the business of receiving other persons' money on deposit, to be returned on demand, discounting other persons' notes, and issuing his own for circulation; one

who performs the business usually transacted by a bank. Private bankers are generally not permitted. The business of bankers is generally performed through the medium of incorporated banks. A banker may be declared a bankrupt by adverse proceedings against him. Act of congress of 19 Aug. 1841. See 1 Atk. 218; 2 H. Bl. 235; 1 Mont. B. L. 12. Among the ancient Romans there were bankers called argentarii, whose office was to keep registers of contracts between individuals, either to loan money, or in relation to sales and stipulations. These bankers frequently agreed with the creditor to pay him the debt due to him by the debtor.

BANKERS' NOTE, contracts. In England a distinction is made between bank notes, (q. v.) and bankers' notes. The latter are promissory notes, and resemble bank notes in every respect, except that they are given by persons acting as private bankers. 6 Mod. 29. 3 Chit. Com. Law, 590; 1 Leigh's N. P.

338.

BANKRUPT. A person who has done, or suffered some act to be done, which is by law declared an act of bankruptcy; in such case he may be declared a bankrupt. This definition does not include voluntary bankrupts who may be declared to be so under their own petitions. It is proper to notice that there is much difference between a bankrupt and an insolvent. A man may be a bankrupt and yet be perfectly solvent, that is, eventually able to pay all his debts; or, he may be insolvent, and, in consequence of not having done, or suffered, an act of bankruptcy, he may not be a bankrupt. Again, the bankrupt laws are intended mainly to secure creditors from the waste, extravagance and mismanagement, by seizing the property out of the hands of the debtors, and placing it in the custody

of the law; whereas the insolvent laws only relieve a man from imprisonment for debt after he has assigned his property for the benefit of his creditors. It is true in the bankrupt law of the United States, to be noticed presently, an unusual clause has been added, which enables a person to become a voluntary bankrupt; in which case the object seems to be to relieve the bankrupt regardless of the benefits of creditors. Both under bankrupt and insolvent laws the debtor is required to surrender his property for the benefit of his creditors. Bankrupt laws discharge the person from imprisonment, and his property, acquired after his discharge, from all liabilities for his debts; insolvent laws simply discharge the debtor from imprisonment, or liability to be imprisoned, but his after-acquired property may be taken in satisfaction of his former debts. 2 Bell, Com. B. 6, part 1, c. 1, p. 162.

This subject will be considered by taking a view of, 1, the courts and officers; 2, the bankrupt; 3, the bankrupt's property; 4, the proceedings in bankruptcy before a decree; 5, the hearing and decree; 6, the proof of debts; 7, the dividends; 8, bankrupt partners; 9, the crimes committed in bankrupt proceedings.

Chap. 1. Of courts, and officers. Sect. 1. Of the district courts. [2] The sixth section of the act of congress directs that for the purpose of exercising its jurisdiction in bankrupt cases, the district court shall be deemed always open. Jurisdiction is given to this court in all matters and proceedings in bankruptcy arising under this act, and any other act which may hereafter be passed on the subject of bankruptcy. In considering its jurisdiction, it will be convenient to take a view of its judicial, legislative, and executive capacities.

1. Of its judicial jurisdiction.
[3] The subjects of its judicial

to the nature and character of such services. Sect. 6.

3. Of the executive capacity of the district court.

[5] In its executive capacity the district court has authority

trict of Columbia, and of the territories of the United States.

[9] The sixteenth section of the act confers and vests all jurisdiction, power, and authority conferred upon and vested in the district courts of the United States by the act of con

To appoint or remove assignees at its discretion, toties quoties. Sect. 3. Sect. 2. Of the circuit court. [6] For the purpose of hearing and determining any point or question arising in any case of bankruptcy which may have been adjourned by the district judge into the circuit court, this latter shall be deemed always open. Sect. 6.

[7] By the eighth section of the act of congress, it is enacted that the circuit court within and for the district where the decree of bankruptcy is passed, shall have concurrent jurisdiction with the district court of the same district of all suits at law or in equity which may and shall be brought by any assignee of the bankrupt against any person or persons claiming an adverse interest, or by such person against such assignee, touching any property or rights of property of said bankrupt, transferable to, or vested in, such assignee.

[8] Jurisdiction is given to the circuit court to entertain appeals from the district court; which appeal is to be tried at the first term of the circuit court after it has been taken, unless, for a sufficient reason a continuance shall be granted. It may be heard and determined by the said court summarily, or by a jury, at the option of the bankrupt. This court has power to discharge the bankrupt and grant him a certificate, as provided in the act. Sect. 4.

Sect. 3. Of the courts of the Dis-
VOL. 1.-15.

cases of bankruptcy, upon and in the circuit court of the United States for the District of Columbia, and in and upon the supreme or superior courts of any of the territories of the United States, in cases of bankruptcy, when the bankrupt resides in the said District of Columbia, or in either of the said territories.

Sect. 4. Of commissioners of bankruptcy.

[10] These are officers appointed by the court. Sec. 4, and sections 5 and 7, of the act of Congress. They must reside in the county where the bankrupt lives, when appointed to receive proof of debts, and perform other duties under the provisions of this act. Sect. 5. They are required to perform many important duties, the principal of which are

To take proof of debts and other claims. Sect. 5.

To report to the court. To examine the bankrupt and report the result to the court.

To examine witnesses in cases of exceptions and to report the evidence to the court. Sect. 4.

Sect. 5. Of assignees of bankrupt. [11] The assignees are appointed by the court, and may be removed at its discretion.

Sect. 3. They have powers, duties, and are subject to liabilities, which will be separately considered.

1. Of the power of assignees. [12] Among their powers the following may be enumerated:

Generally to administer the property of the bankrupt. Sect. 3, 9.

To allow bankrupt property not exceeding in value three hundred dol

To compound debts under the direction of the court. Sect. 11.

By and under the direction of the court, to redeem or discharge any mortgage or other pledge, or deposit, or lien upon any property, real or personal, whether payable in presenti or at a future day, and to tender a due performance of the condition thereof. Sect. 11.

2. Of the duties of assignees. [13] Their duties are: To give a bond, when required by the court, with at least two sureties, in such sum as it may deem proper, conditioned for the due and faithful discharge of all their duties, and their compliance with the orders and directions of the court; which bond shall be taken in the name of the United States; and shall, if there be any breach thereof, be sued and suable, under the order of such court, for the benefit of the creditors and other persons in interest. Sect. 9.

To prosecute or defend all suits in law or in equity, then pending, in which the bankrupt is a party, to their final conclusion. Sect. 3.

To pay all assets received by him in money, within sixty days afterwards, into court, subject to its order respecting its future safe-keeping and disposition. Sect. 9..

To sell and convey the property of the bankrupt under the orders of the court. Sect. 9.

responsible; as, when he employs a broker to sell goods, who immediately. fails; if, at the time he was employed, he enjoyed a good reputation, and the assignee exercised a due degree of circumspection, he will not be liable. 1 Keny. R. 38; Amb. 218; 1 Atk. 90.

The assignee of a bankrupt, like any other assignee, is liable to the performance of the covenants of a lease of premises of which the bankrupt was lessee, or assignee, while he occupies such premises; but, by assigning the same over, he will be discharged from all future liability. Dougl. R. 183. But he is not bound to take possession, unless the lease will yield some profit to the estate.

Sect. 6. Of the clerk of the court. [15] The clerk is required by the thirteenth section to keep the records of the court. See § 81.

He is allowed for affixing his name and seal to any form, or certifying a copy thereof, when required thereto, as a compensation, the sum of twentyfive cents, and no more. Sect. 13. And to such fees as are prescribed by the fee bill established by the judge.

Chap. 2. Of the bankrupt.

[16] The act of congress classifies bankrupts into two kinds, namely into voluntary and involuntary bankrupts; and they will be here so considered.

Sect. 1. Of voluntary bankrupts.