The National Bankruptcy Register; Containing Reports of the Leading Cases and Principal Rulings in Bankruptcy of the District Judges of the United States Volume 15

The National Bankruptcy Register; Containing Reports of the Leading Cases and Principal Rulings in Bankruptcy of the District Judges of the United States Volume 15

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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. 1877 edition. Excerpt: ...adopted by this court: "Whatever may be avoided, may, in good sense, to this purpose, be called void, and the use of the term void is not uncommon in the language 0 statutes and of courts. But in regard to the consequences to third persons, the distinction is highly important, because nothing can be founded upon what is absolutely void, ' whereas, from those which are only voidable fair titles may flow. These terms have not always been used with nice discrimination; indeed in some books there is a great want of precision in the use of them." (C/rocker v. Bellangee, 6 Wis., 645.) It is quite manifest that it is only as against proceedings in bankruptcy that the Bankrupt Act undertakes to avoid sales made by insolvents. If Congress had undertaken to give a general rule governing sales, as part of the municipal law of the States, it would have been outside of its authority. The language of the statute plainly shows that Congress intended no such usurpation. The avoidance of the sale and the right of the assignee to recover are dependent; clearly making the avoidance a consequence upon the bankruptcy of the vendor. The statute operates upon sales, not of insolvents but of bankrupts only. If an insolvent, in view of proceedings in bankruptcy against him, which happen not to be taken or not to be entertained by the Bankrupt Court, make a sale within the conditions of the section, it is quite clear that the Bankrupt Law would not and could not have any effect to avoid the sale. And if the petition in bankruptcy against the vendor should be taken later than four months after the sale, the bankruptcy would not affect the validity of the sale. In any case, the sale would remain valid under the State law, and the legal title in the...show more

Product details

  • Paperback | 194 pages
  • 189 x 246 x 10mm | 354g
  • Rarebooksclub.com
  • United States
  • English
  • black & white illustrations
  • 1236742133
  • 9781236742131