The Federal Reporter: With Key-Number Annotations ..., volume 34

Cover The Federal Reporter: With Key-Number Annotations ..., volume 34
The Federal Reporter: With Key-Number Annotations ..., volume 34
United States. Circuit Courts, United States. District Courts, District of Columbia. Court of Appeals, United States. Circuit Court of Appeals, United States. Commerce Court
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358, 381; Brown v. Somendlle, 8Md. 444, 456; RyegaU v. Wardsboro, ■30 Vt. 746; Co. Inst. 24 V, J. Jf. Thompson and D. Turpiey for defendants.
We take the position herein that a debtor in embarrassed circumstances lias, under the common law, an absolnte right to prefer a creditor, — ^to pay or to secure the payment of one of the claims against him» — and this claim may be either a debt due, or one which may become due upon any lawful contingency. It may be either direct or collateral. * * * It m
...ay be a debt growing out of or a liability created, or about to mature, by virtue of a note, bond, or statute. As to how it is created makes no difference, so that it be a lawful claim or liability. Fitch was a stockholder in a national bank; the grantee and creditor Gatch was an unpaid depositor therein; the liability of Pitch to Gatch was created and then existed, under section 5151, Bev. St.
U. S., quoted tiupra. * * * As long as unpaid deposit of Gatch existed, there was a consideration for the conveyance, because there was a liability of Fitch (under the statute) ** individually" to pay it to tlie extent of the par value of his stocky greatly exceeding Gatcb's claim and the value of the prop- erty conveyed.


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