Reports of Cases Adjudged in the Court of Chancery of Upper Canada Volume 12

Reports of Cases Adjudged in the Court of Chancery of Upper Canada Volume 12

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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. 1867 edition. Excerpt: ... the debtors expected ' they would be able, if allowed to go on with their Young' business for 1864, to pay all their debts in full; that their object in consenting to give the mortgages was to secure the extension of time thereby given, so as to enable them to go on with their business; that they considered the transaction for the benefit of all their creditors; and that they had no desire to give a pre ference to Young 5-Law, if they could avoid it. Relieved, by giving the mortgages, from the pressure of this large debt, they proceeded with their business, but the season proved a disastrous one to them. They met with heavy losses in their business; their property became depreciated in value; and on the 31st of December they executed a voluntary assignment to the plaintiff under the Insolvency Act (1864). Judgment. It is now contended on behalf of the plaintilf that the mortgages are void under this act. But it is admitted that they were executed before the act was passed; and I am clear that, if valid when executed, the statute has not the efl'ect of destroying their validity. The learned counsel for the plaintiff further contended, that the mortgages were void under the enactments against preferences by insolvent debtors (a). Conveyances of chattels by a person in insolvent circumstances, made "with intent of giving one or more of the creditors of such person a preference over his other creditors," are thereby declared void as against creditors. I think that, under this enactment, a mortgage made to a creditor without any such intent, and under the influence of pressure on the part of the creditor, is not void, under the circumstances in evidence (a) 22 Vic. ch. 26, sec. 18. 1866. here, though the elfect of more

Product details

  • Paperback | 186 pages
  • 189 x 246 x 10mm | 340g
  • United States
  • English
  • black & white illustrations
  • 1236788273
  • 9781236788276