creditor or person claiming to be a creditor, respecting the windingup of the bankrupt's estate and affairs, or any act or thing relating thereto, or respecting the execution of any of the trusts or provisions of the deed, &c.

Suspending bankruptcy proceedings. In addition to the above powers for staying the bankruptcy, it is enacted, by s. 110, that if at any meeting the majority in value of the creditors present resolve that no further proceedings be taken in bankruptcy, the meeting is to be adjourned for fourteen days, in order that notice of the resolution may be given to every creditor; and if at such adjourned meeting a majority in number representing three-fourths in value of the creditors present so resolve, the proceedings in bankruptcy are to be suspended, and the estate and effects of the bankrupt wound up and administered in such manner as the majority direct, and the bankrupt, having made a full discovery of his estate, will be entitled to apply for an order of discharge.

Custody of books, papers, &c.-Lien, &c.—By s. 120 the Court may give such directions as it may deem expedient with respect to the custody and inspection of the books, papers, writings, and documents relating to the estate, and may authorise the Official Assignee to have the custody of them; and by s. 121 no person is entitled, as against the Official or Creditors' Assignee, to withhold possession of the books of account of the bankrupt, or to claim any lien thereon.

Taking possession of bankrupt's estate. By s. 108 it is the duty of the Official Assignee to take possession of the bankrupt's estate, and to retain possession thereof until the appointment of a Creditors' Assignee. If, however, the Official Assignee, or the Court, upon the representation of any creditor, be of opinion that the keeping possession of the bankrupt's property is not requisite for the due protection of the creditors, the possession need not be continued.

Meeting for proof of debts-Particulars of estate-Adjourning into County Court-Allowance for bankrupt's support.-When the adjudication becomes absolute the Court appoints a meeting of creditors (ten days' notice being given in the London Gazette). At such meeting a registrar, or such other person as the Court shall appoint for that purpose, is to preside, and receive the proofs of the debts of the creditors. The Official Assignee is to attend and give to the meeting the fullest information in his power of the estate and effects of the bankrupt, and of the debts due from his estate; and the majority in number and value of the creditors present at such meeting or any adjournment may determine that the proceedings in the bankruptcy shall be prosecuted in the County Court of any district other than the metropolitan district, and the Court is to order the

same accordingly, upon being satisfied that such resolution was duly made. At this meeting a majority in value of the creditors present shall determine whether any or what allowance for support shall be made to the bankrupt up to the time of passing his last examination (s. 109).

Choice of assignees. With respect to the Creditors' Assignees (s. 116), at the same meeting of creditors, or any adjournment thereof, all creditors, and not merely those of £10 and upwards, are admitted to vote in the choice. The majority in value of the creditors who have proved debts may choose an assignee or assignees of the bankrupt's estate and effects, to be called the Creditor's Assignee; which appointment may be confirmed by the Court (s. 123); but the Court has power to reject any person chosen, who appears to the Court unfit to be such assignee, and upon such rejection a new choice of Creditors' Assignee is to be made. Security may be required from the assignee (s. 122). A manager may be appointed to collect and wind-up the estate (s. 122). The assignee and manager may be removed (s. 124). More will be hereafter stated as to the assignee's duty.

Property of bankrupt vesting in assignees.-Upon the appointment of the Creditors' Assignee, all the estate, both real and personal, of the bankrupt, is divested out of the Official Assignee, and vested in the Creditors' Assignees or Assignee (s. 117).

Meeting for last examination-Accounts.-By s. 140, after the meeting for the choice of assignees, a public sitting, not later than sixty days from the date of such meeting, is appointed, of which notice is given in the London Gazette, and in such newspapers as the Court directs, for the bankrupt to pass his last examination. By s. 141 the bankrupt is to prepare such statement of his accounts in the form that general orders or the Court in any case may direct, and is to subscribe such statement thereof and file the same ten days at least before the last examination meeting, or the adjournment; by s. 141 the same is open to the inspection of all creditors, who may take copies of and extracts from the same. An abstract thereof is to be printed, and a copy sent by post within a week from filing, by the Official Assignee, to each creditor who has proved his debt.

Preparation of accounts.-By s. 143 in the preparation of his accounts the bankrupt is to be assisted by the Official Assignee, who is to prepare and file in Court therewith a report upon the state of the affairs of the bankrupt, setting forth such facts and particulars as may be required by the Court, or as the assignee thinks it important for the Court to be informed of. If, however, it appear to the Court that there are special circumstances rendering it necessary

that the bankrupt should be assisted in the preparation of his accounts by some person other than such Official Assignee, the Court may nominate some such person, and may allow him remuneration out of the bankrupt's estate.

PROOF OF DEBTS.

Mode of proving debts.-By s. 144 every creditor may, after adjudication, prove his debt, by delivering or sending, through the General Post, before the appointment of the Creditors' Assignee, to the Official Assignee, and, after such appointment, to the Creditors' Assignee, a statement of such debt, and of the account, if any, between the creditor and the bankrupt, together with a declaration signed by the creditor, appended thereto, that such statement is a full, true, and complete statement of account, and that the debt thereby appearing to be due from the estate of the bankrupt to the creditor is justly due. By s. 146 every creditor may prove his debt, by a deposition in Court or in Chambers, or before a registrar at any meeting of creditors elsewhere than in Court, or by affidavit, upon his own oath, or upon that of any clerk or other person in his employment.

Examination of alleged creditors, &c.-By s. 148 the Court may examine any person who has made or tendered a proof, and may summon any person capable of giving evidence concerning such proof; and, where the debt is tendered on affidavit or statement, may summon and examine on oath or otherwise the person who has made the affidavit or statement, and any other person capable of giving evidence concerning the debt sought to be proved.

Proof for part of rent and other payments.-By s. 150, where the bankrupt is liable to pay any rent or other payment falling due at fixed or stated periods, and the adjudication happens at any time other than any such fixed or stated period, the person entitled to such rent or other payment may prove for a proportionate part thereof up to the day of adjudication, as if the rent or payment grew from day to day, and not at fixed or stated periods.

When debt payable by instalments.-By s. 151, in the cases of debts payable by way of instalments, the creditor may prove for the amount of such instalments remaining unpaid at the time of the bankruptcy.

Distinct contracts where member of two firms.-By s. 152, if any debtor, at the time of adjudication, be liable upon any bill of exchange or promissory note in respect of distinct contracts as member of two or more firms carrying on separate and distinct trades, and having distinct estates to be wound up in bankruptcy, or as a sole trader and also as the member of a firm, the circumstance that such firms are in whole or in part composed of the same indivi

duals, or that the sole contractor is also one of the joint contractors, will not prevent proof and receipt of dividend in respect of such distinct contracts against the estates respectively liable upon such contracts.

Unliquidated damages. By s. 153, if any bankrupt at the time of adjudication be liable on any contract or promise, to damages which have not been and cannot be otherwise liquidated or ascertained, the Court may direct such damages to be assessed by a jury, either before itself or in a Court of Law, and give all necessary directions for such purpose. The amount of damage so assessed is provable. In case all necessary parties agree the Court has power to assess such damages without the intervention of a jury or a reference to a Court of Law.

Proof for premiums upon policies of insurance.-By s. 154, if any bankrupt at the time of adjudication is liable under any contract or promise to pay premiums upon any policy of insurance, or any other sums of money, whether yearly or otherwise, or to repay to or indemnify any person against any such payments, the person entitled to the benefit of such contract or promise may apply to the Court to set a value upon his interest under such contract or promise, and the Court is to ascertain the value thereof, and to admit a proof for the amount so ascertained, and to allow the dividends thereon to the claimant.

Proof for money, costs, &c., due on contempt.-By s. 149 a person entitled to enforce against the bankrupt payment of any money, costs, or expenses by process of contempt issuing out of any Court, can come in as a creditor under the bankruptcy, and prove for the amount payable under the process, subject to such ascertaining of the amount as may be properly had by taxation or otherwise.

Expunging or reducing proof-By s. 155 the Court may at any time expunge or reduce a proof of debt on such application and such evidence as it shall think sufficient, and for that purpose may summon and examine upon oath or otherwise the person who has proved, and every person capable of giving evidence concerning the alleged debt, and may make such order as to the costs of any application as shall seem just.

Examination of accounts-List of creditors.-By s. 147 the Official or Creditors' Assignee is to examine all the statements of account rendered by creditors, and compare the same with the books, accounts, and other documents of the bankrupt.

(To be continued.)

VENDOR

SUMMARY.

PURCHASER.-Contract-Specific performanceTitle- New trustees of will-Costs.-It frequently happens that, on a sale under a trust, there is no existing trustee, and it is too readily assumed that no title can be made, though the person in whom the legal estate is vested is made a party to the conveyance; of which the following case furnishes an instance. A devisee of real estate in trust for sale, and who was also executor of the testator, disclaimed the trusts and renounced probate of his will. The devisee was also a mortgagee of part of the testator's real estate. As such mortgagee he joined with the testator's heir-atlaw and legal personal representative in conveying the mortgaged property to the defendant in fee. The defendant afterwards contracted for the sale of it in fee absolutely to the plaintiff. Held, on bill for specific performance of the contract, that the defendant could make a good title to the property without having new trustees of the will appointed; and, as the plaintiff had taken an untenable objection, he was ordered to pay costs until the hearing (Austen v. Martin, 4 Law Tim. Rep., 817). In delivering judgment the Master of the Rolls observed:- "It is contended that, unless new trustees are appointed under the will of the testator, the plaintiff cannot safely accept a conveyance from the defendant, and that such new trustees, when appointed, must join in the conveyance and confirm it. Mr. Kennett [the mortgagee and also devisee in trust for sale], it is said, did not execute the conveyance to the defendant as a trustee of the will, but as a mortgagee of the property; that he did not exercise the power of sale contained in his mortgage deed, and that, therefore, unless by the appointment and conveyance or confirmation of trustees or a trustee under the will, no good title can be vested in the plaintiff. The defendant, on the other hand, contends that that argument overlooks the distinction which must properly be taken between a power of sale and a trust for sale; that the will of the testator created a trust for sale; that when the devisee in trust renounced the devise and the trust thereby given to him, the estate vested in the heir-at-law. That the heir took it subject to the trusts of the will, and that, consequently, he was a trustee of the estate for the persons interested in it under the will. I must say that although, in some instances, the points here raised might be very important, and might have a very material bearing on the title of a purchaser, yet I think that in this particular case they have no relevancy; certainly not upon the question of the specific performance of this contract. Mr. Kennett, the