Reports of Cases at Law and in Equity Determined by the Supreme Court of the State of Iowa Volume 79
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. 1890 edition. Excerpt: ...able to pay or to provide for all his debts as they fall due in the usual course of business." Levan's Appeal, 3 Atl. Rep. 804. That case has reference to a party not in business, but its importance lies in the fact that his solvency is being considered in relation to his legal capacity to receive and control the property of others; and the court, in that connection, seems to have given the word a restricted meaning, as is the case with regard to merchants and tradesmen. The federal court in Missouri, having under consideration the word "solvent," as used in an act making it larceny for insolvent banks to receive deposits, which act, for the purpose of defining the word, is not difierent from ours, said in its charge to a jury: "I11 the ordinary acceptation of the term 'insolvent, ' when applied to a bank, means inability to meet liabilities in the usual course of business. But a bank may be solvent, and yet, from temporary causes, over which its oflicers have no control, suspend until these causes can be overcome; but they must be causes for which prudence and foresight cannot provide, or over which the bank or its oflicers have no control, or could have none." The court afterwards added: " I pass to this branch of the case with the declaration that a bank is solvent within-the meaning of the constitution and statutes we' are considering, when it possesses sufficient of assets to pay, within a reasonable time, all its liabilities, through its own agencies, and is insolvent when, from the uncertainty of being able to realize on its assets, in a reasonable time, a sufficient amount to meet its liabilities, it therefore makes an assignment by which the control of ' its afiairs...
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- 13 Sep 2013
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