The Law of Bankruptcy; a Text for Business Men And Students of Business, With Copies of the National Bankruptcy Act, General Orders of the Supreme Court And the Official Forms, With Problems
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67. Liens. — a. Claims which for want of record or for 'The succeeding portion of the subdivision was added by the Amend- ment of 1903.
80 THE LAW OF BANKBVPTCT other reasons would not have been valid liens as against the claims of the creditors of the bankrupt shall not be liens against his estate.
b. Whenever a creditor is prevented from enforcing his rights as against a lien created, or attempted to be created, by his debtor, who afterwards becomes a bankrupt, the trustee of the estate of su...ch bankrupt shall be subrogated to and may enforce such rights of such creditor for the benefit of the estate.
c. A lien created by or obtained in or pursuant to any suit or proceeding at law or in equity, including an attachment upon mesne process or a judgment by confession, which was begun against a person within four months before the filing of a peti- tion in bankruptcy by or against such person shall be dissolved by the adjudication of such person to be a bankrupt if (1) it appears that said lien was obtained and permitted while the defendant was insolvent and that its existence and enforcement will work a preference, or (2) the party or parties to be benefited thereby had reasonable cause to believe the defendant was in- solvent and in contemplation of bankruptcy, or (3) that such lien was sought and permitted in fraud of the provisions of this Act ; or if the dissolution of such lien would militate against the best interests of the estate of such person the same shall not be dissolved, but the trustee of the estate of such person, for the benefit of the estate, shall be subrogated to the rights of the holder of such lien and empoweried to perfect and enforce the same in his name as trustee with like force and effect as such holder might have done had not bankruptcy proceedings inter- vened.
What to read after The Law of Bankruptcy; a Text for Business Men And Students of Business, With Copies of the National Bankruptcy Act, General Orders of the Supreme Court And the Official Forms, With Problems?
You can find similar books in the "Read Also" column, or choose other free books by Charles W Charles William Gerstenberg to read onlineMoreLess
To quickly assess the difficulty of the text, read a short excerpt:
67. Liens. — a. Claims which for want of record or for 'The succeeding portion of the subdivision was added by the Amend- ment of 1903.
80 THE LAW OF BANKBVPTCT other reasons would not have been valid liens as against the claims of the creditors of the bankrupt shall not be liens against his estate.
b. Whenever a creditor is prevented from enforcing his rights as against a lien created, or attempted to be created, by his debtor, who afterwards becomes a bankrupt, the trustee of the estate of su...ch bankrupt shall be subrogated to and may enforce such rights of such creditor for the benefit of the estate.
c. A lien created by or obtained in or pursuant to any suit or proceeding at law or in equity, including an attachment upon mesne process or a judgment by confession, which was begun against a person within four months before the filing of a peti- tion in bankruptcy by or against such person shall be dissolved by the adjudication of such person to be a bankrupt if (1) it appears that said lien was obtained and permitted while the defendant was insolvent and that its existence and enforcement will work a preference, or (2) the party or parties to be benefited thereby had reasonable cause to believe the defendant was in- solvent and in contemplation of bankruptcy, or (3) that such lien was sought and permitted in fraud of the provisions of this Act ; or if the dissolution of such lien would militate against the best interests of the estate of such person the same shall not be dissolved, but the trustee of the estate of such person, for the benefit of the estate, shall be subrogated to the rights of the holder of such lien and empoweried to perfect and enforce the same in his name as trustee with like force and effect as such holder might have done had not bankruptcy proceedings inter- vened.
What to read after The Law of Bankruptcy; a Text for Business Men And Students of Business, With Copies of the National Bankruptcy Act, General Orders of the Supreme Court And the Official Forms, With Problems?
You can find similar books in the "Read Also" column, or choose other free books by Charles W Charles William Gerstenberg to read onlineMoreLess
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