American Bankruptcy Reports Volume 24

American Bankruptcy Reports Volume 24

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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. 1911 edition. Excerpt: ...company was made by the bankrupt with intent to defraud his creditors, the opinion heretofore rendered on the demurrer leaves little room for argument at the final hearing. The defendant insurance company now contends, as before, that its execution of the insurance policy was a payment of value for the ba.nkrupt's cash received. This valid executory contract of insurance, binding upon the company, was such giving of value as would prevent the bankrupt from recovering back the premiums, but the law permits creditors to avoid some conveyances which are good as against the bankrupt. As was observed in the former opinion: " The court has here to decide a case in which the value given for the bankrupt's money was not land or goods, but a valid executory agreement. Does that agreement. binding upon the defendant, constitute value paid by him for the money he has received? Is the agreement the equivalent of a chattel. The law is settled otherwise, if the dcfendant's part of the contract is wholly executory at the time the action is commenced. This has been held in cases where a note, a mortgage, or other agreement to pay money was given by the purchaser to tho insolvent." I9 Am. P. R. 708, l58 Fed. 366. The cases there cited support the proposition thus laid down. See, also, Dillard 'v. Crock-or, Speers' Eq. (S. C.) 20, 27; Kurtz ru. Troll, 175 Mo. 506, 511, 75 S. W. 386. The defendant relies upon Pierce v. O'Brien, 189 Mass. 58, 75 N. E. 61. In that case the consideration for the sale of the insolvent property was in part promissory notes signed by the purchaser. The record shows that the greater part of these notes bad been negotiated, and the plaintiff, the creditor who attacked t.he sale, made...show more

Product details

  • Paperback | 440 pages
  • 189 x 246 x 23mm | 780g
  • Rarebooksclub.com
  • United States
  • English
  • black & white illustrations
  • 123685327X
  • 9781236853271