Savings And Loan Society V Austin And Bartlett Doe Et Al V Same On Rehear

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Savings And Loan Society V Austin And Bartlett Doe Et Al V Same On Rehear
Creed Haymond
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A solvent debt, being a chose i)i action, falls within every received definition of that term. Property is the right to enjoy a thing — to use, to dispose of it, as the owner pleases; providing he makes no use of it prohibited by C 45 ] law. The owner of a solvent debt possesses all these rights. He may use, enjoy, or dispose of it, as he pleases. The law universally treats solvent debts as property. They arc the sub- ject of sale and purchase; they are subject to execution. They pass as assets... into the hands of the administrator. Checks, drafts, notes of solvent banks, have become the great medium through which commerce is carried on, and have been nearly universall}' substituted in trade for the precious metals. A debt due from a solvent debtor to a creditor nuiy be used in trade and commerce, in precisely the same manner that gold and silver can be used. The word "property, " fountl in sec- tion 13, Article XI, of the Constitution, is used in that section in its ordinary and popular sense.

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