of his execution, Pickstock v. Lyster, 3 M. & S. 371. Before the Composition. 6 G. 4, c. 16, an assignment by a trader of all his estate and effects was held to be an act of bankruptcy, and also fraudulent and void, unless it was done with the concurrence of all the creditors, Rush v. Cooper, Cowp. 29; Law v. Skinner, 2 Bl. 996; Eckhardt v. Wilson, 8 T. R. 140; but, by s. 4 of that statute, such an assignment executed by all the trustees, within fifteen days after its execution by the trader, provided it be duly advertised and a commission do not issue within six calendar months after its execution by the trader, shall not be deemed an act of bankruptcy. But where the assignment is conditional, and the condition is not performed by the debtor, the creditors may avoid the deed, Wiglesworth v. White, 1 Stark. 218. If creditors are to execute a deed of assignment by a stated time, or the deed to be void if it be not executed within the time, it will be void at law; but it is good in equity, if it be afterwards executed by all the creditors, although not until subsequently to the death of the debtor, Spottiswoode v. Stockdale, Cooper, 105. 10. Under a provision in a trust deed for the payment of debts of No preference in the payment various descriptions, no preference is implied; which, if intended, of debts under must be clearly shown, otherwise the Court favours equal payments, Wadeson v. Richardson, 1 V. & B. 103; but a trust deed for the payment of debts extends only to debts contracted at the time, Purefoy v. Purefoy, 1 Vern. 28. As to trusts, see further, CONVEYANCE IN TRUST FOR CREDITORS, and TRUST DEED. 11. A composition deed, or other instrument of composition between Stamp on a composition a debtor and his creditors, requires a stamp of 17. 15s., and the further deed. progressive duty of 11. 5s. for every entire number of 1080 words over and above the first 1080; but although signed by each creditor separately, yet being one whole transaction, requires but one stamp, Bowen v. Ashley, 1 N. R. 278. No. CCCXL. Articles of Agreement between a Debtor and his Creditors, where Inspectors are appointed to superintend the Insolvent's Affairs. Obs. As to the nature of this deed, see supra, Pref. sect. 1; and as to the stamp, see Pref. sect. 11. Articles &c. see ante, No. XLVI. Betn (debtor) of &c. of the first pt (inspectors) of &c. being respive crs of the sd (D.) of the No. CCCXL. Deed of Inspection. No. CCCXL. Recital of debts. Meeting of creditors. Agreement for an appointment of inspectors. second pt and (creditors) the sevl or. persons whose names and seals are hereunto subscribed and affixed being also respive crs agts or atties of crs of the sd (D.) of the third pt Whas the sd (D.) stands justly indebted to the sevl psns pties hereto of the second and third pts or their respive ptners or constituents in several sums of money And whas at a meeting of the crs of the sd (D.) on &c. the sd (D.) having represented to the sd crs then present that in regard there were large sums of money due to him from psns resident in her Maj. plantations and elsewhere abroad and of divers adventures being outstanding he was unable to proceed in carrying on his trade and immediately satisfy his sd crs their respive debts and the sd crs having duly weighed and considered the same and being satisfied that the stock and effects in trade of the sd (D.) are fully sufficient to pay and satisfy his respive debts did resolve and agree that it would be most advantageous to the crs of the sd (D.) that the sd (D.) should be permitted to collect and dispose of his este and effects under the inspection of the sd (I.) who were then unanimously chosen for that purpe for the term of two yrs from &c. last Now these Prests witness That in pursuance of the sd agt and for carrying the same into full effect and in conson of the covts hraftr contd on the pt of the sd (D.) They the sd (I.) and the sevl or. psns pties hereto as crs or atties or agts of crs Have and each of them Hath given and granted and by these prests Do and each of them Doth [so far as they respively may and Ifully can] give and grant unto the sd (D.) full free and absolute liberty and licence according to his own free will and pleasure to go come pass repass abide and continue to from and at all or any place or places where the nature of his affairs may require and to manage collect get in and dispose of all his este debts and effects under the inspection and control of the sd (I.) or some three or more of them and in such manner as they shall judge to be most conducive to the bent of the sd crs from the day of the date of these prests until &c. which will be in the Covenant not to year of &c. And the sd (I.) and the sevl psns &c. do hby for themselves resply and for their sevl and respive hrs exs ads pturs and constituents but not any of them for the or. or ors of them or for the hrs exs ads acts or deeds of any or. or ors of them but each of them for his own hrs exs ads acts and deeds Testatum. Letter of licence. arrest debtor. Deed of Inspection. nants. only covt promise and agree with and to the sd (D.) his hrs exs No. CCCXL. and ads that they the sd creditors and the several psns &c. their exs ads ptners or agents or any or. psn or psns for them or by the order authority assent consent or procurement of them resply shall not nor will (a) sue arrest (b) prosecute molest attach detain take in custody or exon imprison or orwise impede or incumber him the sd (D.) or his este or effects in any manner howsr And furr That if any of them the sd (I.) or the sd or. crs or any of their exs &c. or constituents shall so do contrary to the true intent and meaning of these prests this present letter of licence shall operate to all intents and purps and may be pleaded in bar to the sd respive debts and to any prosecution suit or action that shall or may be brt agst the sd (D.'s) psn goods or chattels as afd within the time afd as effectually as if he had a general release under the hands and seals of such crs resply for that purpe And the sd (D.) doth hby in furr pursu- Debtor cove ance of the sd agrt and in conson of the sd licence hnbefe given unto him as afd for himself his hrs exs and ads covt &c. with and to the sd (I.) and all or. the crs or ptners atties and agts of crs of him the sd (D.) and also with and to each and every of them in manner following that is to say That the sd (D.) shall To state his and will as soon as may be draw out and state a true and exact acct in writing of all his este and effects as well real as psl and of the several chas outgoings and incumbs now affecting the same and bring the sd este to a balance and shall and will thereupon deliver such acct after being signed by him unto the sd (I.) And also shall and will if thereunto required by them the sd (I.) To verify them or either of them verify the truth of such accts on oath before one of the Masters of the High Court of Chancery And furr To obey instructhat he the sd (D.) shall and will from time to time and at all times observe perform and exte the orders instructions and advice of them the sd (I.) And also shall and will use his best To use his best endeavours in and about the management and collecting re- managing his ceiving settling and converting into money all the este and estate. effects of him the sd (D.) And also shall and will when and so To deposit mo (a) As to the effect of this covenant, see Pref. sect. 7. (b) It is presumed that the 1 & 2 V. c. 110, in regard to imprisonment for debt, will not affect the private arrangements between debtor and creditor. accounts. on oath. tions. endeavours in nies with Deed of Inspection. Not to dispose of his estate without consent. Nor undertake any other trade. Nor give preference to any creditors. Nor release debts, &c. No. CCCXL. often as there shall be monies in hand arising from the sd este and effects pay and deposit the same into the hands of such banker and bankers as the sd (I.) shall direct To the end that the same may be distributed among the sevl crs in the manner hnfr mentd And furr that he the sd (D.) shall not nor will at any time during the sd term [unless he shall before that time have paid unto the sd crs the whole of his debts] convey alienate dispose of pledge or incumber any of his real or psl este And also shall not nor will by himself or with any or. psn become engaged in or undertake any new trade or commercial transaction orwise than as such shall be by and with the consent of the sd (I.) And shall not nor will do or suffer to be done any act deed matter or thing whatsr whby any of the crs of him the sd (D.) shall or may obtain secty (a) or secties for his or their debt or debts or any preference or priority of payment thof or of any pt thf contrary to the true intent and meaning of these prests And shall not nor will release any debt or debts nor bring any action or suit for recovering any such debt or debts witht Keep books of the licence and consent of the sd (I.) And furr that the sd (D.) shall and will keep proper bks of acct and enter or cause to be entered a fair just and regular acct of all rects and paymts and of all or. transactions matters or things as shall be requisite in order to shew the true state and condon of the este and Preserve letters, effects of him the sd (D.) And also shall and will preserve all letters recd from and take copies of all letters written or sent by him to all and evy his correspondents or or. psn or psns whomsr And also shall and will permit them the sd (I.) to examine and inspect the same accts papers letters and writings relating to the este and effects of the sd (D.) when and as often as they shall think proper And it is hby agrd and decld by and betn all the sd pties hereto that all the mos bills notes or secties for money arising by or from the este and effects of the sd (D.) and from the gains and prfts of his sd trade [and which shall be pd into such banking-house as afd] shall there remain and not be drawn out account. &c. Cash to be drawn out, &c. on draft of debtor for one inspector. (a) The courts will set aside all securities whereby one creditor, under contracts of this kind, endeavours to obtain an undue advantage over the rest, Leicester v. Rose, 4 East, 271, recognized in Howden v. Haigh, 3 P. & D. 661; see further, unte, Pref. sect. 6. No. CCCXL. except for the purps hnaftr mentd unless the sd (I.) or the survors or survor of them or the inspector or inspectors for the time being shall in the mean time think it will be for the bent of the este of the sd crs to lay out and invest the same in the purchase of government funds East India bonds or navy or exchequer bills [and which they or he is empowered to do from time to time when and so often as he or they shall think proper] and that all and evy sum or sums to be taken out of the sd banking-house for the time being for any purpe whatsr shall be by draft to be signed by the sd (D.) and one at least of the sd (I.) or the survor &c. and that the sd (D.) shall and will upon evy request of the sd (I.) or the inspector or inspectors for the time being sign such drafts or orders upon the sd banking-house And it Inspectors to is hby furr deld and agd by and betn all the sd pties to these monies. prests that it shall and will be lful to and for the sd (I.) or the inspectors for the time being by and out of the mos which shall be paid into the hands of to their acct as afd to pay and distribute under £ the subsistence of debtor. discharge all the debts due and owing from the sd (D.) unto In paying debts any psn or psns whomsr which do not exceed the sum of £ resply when and as the same shall become due and paye And shall and may make the sevl paymts in the order and manner hnaftr mentd that is to say In the first place shall and may pay and satisfy all sums of money which in the judgmt of the sd (I.) shall be necessy or requisite for carrying on the sd business of the sd (D.) as afd And in the next place shall and may pay Allowance for and allow unto the sd (D.) such an annual sum of money not exceeding £ for his maintenance and support as the sd (I.) shall think proper And subject to the paymts afd shall and Among the rest may from to time when and so often as there shall be in hand of the creditors rateably. money sufficient to answer and pay upon or in respect of the several debts now due or owing from the sd (D.) to the several psns pties hereto of the second and third pts pay and distribute all such mos unto and amongst the sevl crs rateably and proportionably according to the amount of their respive debts And after full payment satisfaction and Surplus to discharge of all and singr the afd debts and sums of money and debtor. of all the costs chags and exps occasioned by or attending the exon of the trusts decld by these prests shall and do pay over the surplus of the sd trust mos unto the sd (D.) his exs or ads shillings in the pound |