stowed. The contributors then fall back in their turn upon the underwriters.

Can the assignee of a life policy sue in his own name?

He can, by 30 & 31 Vict. c. 144; but it must be remembered that by 14 Geo. III. c. 48, amended by the above statute, that no insurances can be made on lives, or on any other event, in which the party insuring has no interest, and that the name of such interested party must be inserted.

Can a wife effect an insurance on her husband's life?

She can, by the Married Women's Property Act, 1870 (33 & 34 Vict. c. 93), for her separate use, and a married man may effect an assurance on his own life for the benefit of his wife, which will be held for her separate use and free from his debts, &c.

Under what circumstances will a premium be refunded?

When the contract becomes void ab initio from a cause on the part of the insured which does not amount to an actual fraud.

What is a charter party?

An agreement for the hire of the whole (or part of a general) ship for the conveyance of goods at a certain freight; that is, a specified payment per ton or so much per month. It may be either under seal or not, and in the case of a general ship a bill of lading is usually executed and not a charter party.

What are lay and running days, and explain the term demurrage?

The days for loading and unloading a vessel in the docks; demurrage is the amount which has to be paid in the shape of a fine per day for the time the charterer detains the vessel beyond her proper lay and running days.

What is meant by the term freight payable pro ratâ itineris?

It is where the shipowner carries the goods a portion of the voyage, from which the charterer derives a certain benefit, freight consequently is payable pro ratâ on an implied contract.

What is a debt as opposed to damages, and what are the various kinds?

A debt is a certain sum of money owing from one man to another as opposed to a claim for damages, it is consequently an ascertained sum; whereas a claim for damages is unliquidated. Debts are: (1) upon simple contracts; (2) specialties, i.e., deeds; (3) of record, i.e., judgments, recognizances, &c.

CHAPTER VI.

TITLE BY BANKRUPTCY.

What statutes were the foundation of the Law of Bankruptcy? 34 & 35 Hen. VIII. c. 4, 13 Eliz. c. 7, 4 Anne, c. 17, repealed by 6 Geo. IV. c. 16, which was subsequently repealed, and the law consolidated by 1 & 2 Will. IV. c. 56, and again by 5 & 6 Vict. c. 122. The recent Bankruptcy Act, 32 & 33 Vict. c. 71, (the Act of 1869) now governs the proceedings, and 32 & 33 Vict. c. 62 (the Debtors Act, 1869). The Acts relating to the old practice are all repealed by the Bankruptcy Repeal, and the Insolvent Court Act, 32 & 33 Vict. c. 83, except as to matters pending before the commencement of the Act.

Who is capable of becoming a bankrupt?

All debtors, whether traders or non-traders. The former may be defined as a person owing another a liquidated sum either at law or in equity.

Traders are the various persons specified in the first schedule to the Act, and may generally be defined as persons using the trade of merchandise by way of bargaining, exchange, bartering, or commission, consignment or otherwise, in gross or retail, and persons who, either for themselves or as agents or factors for others, make their living by buying and selling, or buying or letting for hire, goods or commodities, or by the workmanship or conversion of goods or commodities.

It might be mentioned that stockholders are included in the Act.

Specify the several persons who are particularly exempted from the definition of the term trader under the Act.

A farmer, grazier, common labourer, or workman for hire, and a member of any partnership association or company which cannot be adjudged a bankrupt under the Act, i.e., when such company is corporate or registered under the Companies Act, 1862.

What constitutes a trading?

To bring a person under the description of a trader for "buying and selling" there must be a purchasing and buying with the intention and object of selling, or in other words there must be a selling for purposes of profit or gaining a livelihood.

Can a married woman or an infant be made bankrupt?

Only when she carries on business of a sole trader by the custom of the City of London, or in respect of property of her own under the Married Woman's Property Act, 1870. Infants cannot be made bankrupt because they cannot trade, but privilege of parliament is abolished, and aliens, denizens and naturalized persons may be made bankrupts.

Describe the various acts of bankruptcy.

The following are applicable to traders and non-traders. (1.) In England or elsewhere making a conveyance or assignment to trustees for the benefit of creditors generally. (2.) In England or elsewhere making a fraudulent conveyance. gift, delivery, or transfer of property, or any part thereof.

(3.) With intent to defeat or delay his creditors, departing out of England; being out of England, remaining out of England.

(4.) Filing a declaration of insolvency.

(5.) Service of a debtor summons for £50, and neglect to pay, secure and compound the same, in the case of a trader, for seven days, and in the case of a non-trader for three weeks after service.

The following are applicable to traders only:

(1.) Departing from his dwelling house, or otherwise absenting
himself, with intent to defeat and delay his creditors.
(2.) Beginning to keep house or suffering himself to be out-
lawed.

(3.) Suffer an execution to be levied by seizure and sale for a
debt not less than £50.

After what lapse of time from the commission of the Act of Bankruptcy does a debtor cease to be liable to be made bankrupt?

Six months after the presentation of the petition.

State in general terms the purport of 13 Eliz. c. 5 with regard to fraudulent transfers.

The settlement must not be made by a person in insolvent circumstances or with a view to insolvency; consequently, it would be good if the settlor were in solvent circumstances at the time (but see Ex parte Stephens in re Pearson, 3 Ch. Div. 807.)

State the practical mode of proceeding to obtain an adjudication in bankruptcy.

By petition served on the debtor verified by affidavit. On the hearing the petitioning creditor must prove his debt, also the trading if necessary, and the act of bankruptcy. The Court, if satisfied with the proof, will adjudge the debtor a bankrupt, which adjudication is duly published in the London Gazette, and such other paper or papers as may be prescribed, and the production of the Gazette is evidence of the bankruptcy.

What must be the amount of the debt of a single petitioning creditor or the aggregate amount of two or more creditors to support a petition?

£50.

How is a petitioning creditor's debt defined in the Act, and what judicial interpretation has been put on that definition?

It must be a liquidated sum due at law or in equity, and a debt on which an adjudication in bankruptcy is founded must be a debt which existed at the time of the Act of Bankruptcy, and

not payable in futuro (Ex parte Hayward in re Hayward, L. R. 6 Chan. App. 546.)

What power of discovery has the court as to a bankrupt's property after the order of adjudication?

That of summoning before it the bankrupt or his wife, or any person known or suspected to have in his possession any of the estate of the bankrupt, or supposed to be indebted to him, or any other person capable of giving information as to the bankrupt, his dealings or property; and if he refuses after having had a reasonable sum tendered to him, he may be apprehended and brought up for examination either upon oath or by written interrogatives.

Describe the course of procedure at a first meeting of creditors under an order of adjudication.

Ten days' notice of the meeting must be first given in the London Gazette, or in a local paper as the case may be, at which the creditors by resolution appoint a trustee, settle on his security, appoint a committee of inspection, and give directions as to the administration of the property by the trustee, and the bankrupt produces a statement of his affairs.

In whom does the property vest after adjudication?

In the registrar of the Court until a trustee is appointed, and then in the trustee.

State when and how creditors may prove their debts.

Either at the first or any other duly summoned meeting of creditors, or any time before the meeting, by delivering or sending through the post in a prepaid letter to the registrar before the appointment of the trustee, and afterwards to such trustee, an affidavit according to the form in the schedule to the rules, and no creditor can vote at any meeting until such proof be made.

What are the duties of the creditor's trustee?

His duties are (1) to summon meetings; (2) to consult the committee of inspection; (3) to declare and distribute dividends;