Durant v. Mass. Hospital Life Ins. Co.

for me to undertake to decree to the assignee an interest for the life of the bankrupt in any such aliquot part. It is plain that if I cannot do that, I cannot give him any thing which will be of value to the creditors. No doubt this amounts to saying that the bankrupt will have some benefit from the trust; but this is the actual result of the English decisions concerning discretionary trusts, which is approved and followed in Nichols v. Eaton, ubi supra. This effect is pointed out by Mr. Robson, in his work on Bankruptcy (3d ed.), p. 396; and I do not see how a court can prevent it.

The case is a hard one for the creditors; and I shall be willing to hear the parties further on the question of costs, which was but very briefly touched upon in the argument.

Bill dismissed (question of costs reserved).

VOL. II.

INDEX.

ABSENCE WITHOUT LEAVE.

See Scott v. Rose, 381.

ADMIRALTY.

See BOTTOMRY; JURISDICTION, 2, 5, 7; PARTIES; PLEADING, 1; PRACTICE,
10, 13, 16, 17; SALVAGE; SUBROGATION IN THE ADMIRALTY.

AFFREIGHTMENT.

1. Under the statute limiting the liability of ship-owners, there is no freight
pending in a voyage for catching whales. The Ontario. - The Helen Mar,

40.

-

2. Where the charterer's agent was to have a commission on freight at the port
of discharge, this is to be reckoned on the freight received, and not on
the gross freight list, some of which could not be collected. Mauran v.
Warren, 53.

3. A formal notice to the consignees that a vessel is ready to receive cargo is
not necessary if the consignees knew that she was ready. 268 Logs of
Cedar, 378.

See BILL OF LADING; JURISDICTION, 2; MASTER, 1, 4.

AGENCY.

See PRINCIPAL AND AGENT.

AMENDMENT.

See PRACTICE, 20.

ANCHORAGE.

See COLLISION, 5, 6.

ANCHOR WATCH.

Duties of, see The Lady Franklin, 220.

ANNUITY.

See TRUSTS, 3, 4.

APPLICATION OF PAYMENTS.
See PAYMENT, 1.

APPURTENANCES.

Under the statute limiting the liability of ship-owners, the outfits of a whale-
man are part of the appurtenances of the ship in estimating value. The
Ontario. The Helen Mar, 40.

-

ARREST.

See IMPRISONMEnt for Debt; PRACTICE, 13.

ASSIGNMENT.

See LIEN, 17.

ATTACHMENT.

1. Attachments are not dissolved by the acceptance of, and recording, a reso-
lution of composition. Re Clapp & Co., 468.

2. An attachment can be dissolved only by an assignment. 16.

See BANKRUPT LAW: Proof of Debts, 24.

BANK DEPOSIT.

See BANKRUPT LAW: Set-off, 3, 5; TRUSTS, 1, 2.

BANKRUPT LAW.

ACTS OF BANKRUPTCY.

1. A trader who cannot pay his debts as they mature in the ordinary course of
his business is insolvent. Sawyer v. Turpin, 29.

2. The stockholders of a trading corporation agreed to lend money to the com-
pany in proportion to their several shares. One of them made the loan by
giving his note, which the company indorsed, and agreed with him to pro-
vide for at maturity. They failed to take up the note when it became
due, and the promisor paid it within fourteen days after its maturity.
Held, that there had been no suspension of the commercial paper of the
company for fourteen days. Re The Massachusetts Brick Co., 58.
3. Where stockholders were to advance money to the company in proportion to
their interests, and did so advance it for four months, and all but one of
them afterwards extended their loans for one year, in accordance with what
the treasurer testified was an understanding at the time the loans were made,
and the company paid all its trade debts as they matured, and was in
good credit, whether it could be properly considered insolvent, quære.
Ib.

4. At a meeting of the stockholders, who were also the principal creditors of
the company, it was voted unanimously to give a mortgage to one of the
stockholders to secure him for advances made beyond his proportion.
The petitioner, who was a stockholder and creditor, was present and
made no objection. Held, he was estopped to set up the mortgage as an
act of bankruptcy by the corporation. Ib.

5. One who permits himself to be held out as a partner may be made bankrupt
as a member of the firm at the suit of creditors. Re Krueger, 66.

6. One who contracts with a railroad company to grade and build its road
is not, by virtue of such contract and his acts under it, a merchant or
trader within sect. 39 of the bankrupt act; and the suspension of
his commercial paper is, therefore, not an act of bankruptcy.
Smith, 69.

Re

7. A person cannot commit an act of bankruptcy while insane; but if when
sane he has committed such an act, he may be made bankrupt upon a
petition in invitum, after he has become insane. Re Pratt, 96.

8. Where one partner of a firm, which had been dissolved, petitioned for an ad-
judication of bankruptcy against himself and his late copartner, and it
appeared that the petitioner had undertaken to pay all the joint debts,
and had given a bond to the defendant, with a solvent surety, conditioned
for such payment, and that the creditors did not desire an adjudication,
and that the defendant was solvent, Held, that the petition must be
dismissed. Re Bennett & Amos, 400.
9. A partner petitioning, under such circumstances, against himself and his co-
partner, must prove that the latter is insolvent in the ordinary sense of
being unable to pay his debts, including the joint debts. Ib.

--

10. Semble, the court would have power to retain such a petition until the solvent
copartner should have paid the joint debts. lb.

11. A bankrupt, who has not been discharged, or to whom a discharge has been
refused, and who has contracted new debts, may file a new petition in
bankruptcy.

Semble, that whenever an involuntary petition may be sustained, a voluntary
petition may be. Re Drisko, 430.

12. An involuntary petition must be signed by one-third in value of all the
creditors, and one-fourth in number of creditors whose debts exceed
$250; if there are none such, or if a sufficient number of them do not
petition, the one-fourth in number may be made up from the smaller
creditors. It is not necessary that the larger creditors should refuse to
sign; it is enough that they do not sign. Re Currier, 436.

13. A proceeding in bankruptcy by a partner against his copartner is not an in-
voluntary proceeding within § 9, St. 1874, c. 390. Re Wilson, 453.

See BANKRUPT LAW: Preferences, 9, 10.

RIGHTS, DUTIES, &C., OF THE BANKRUPT.

1. A bankrupt has a standing in court to object to the confirmation of assignees
of his estate. Re McGlynn, 127.

2. Section 26 of the bankrupt act authorizes the examination of the bankrupt,
and of any one who is believed to have important information touching the