Vermont watchman and State journal. [volume] (Montpelier, Vt.) 1836-1883, 1842-09-30
DECISION IN BANKRUPTCY.
DISTRICT COURT OF THE U. s., YER.
MONT DISTRICT, SEPT. 2ND, lS42 In
BANKRUPTCY.

BANKRUPTCY.
Downer Nevins and Fish vs.. Charles Bracket e
alias.
| This was petition for nm injunction, stating
that the petitioners, being creditors of William F.
Spear, trader, on the lst day OF September 1912
flied their petition in bankruptcy in due form n.
ganst the said Spear, alleging AN act OF bankrupt
cy to have been committed by him on the 18Th
day ol August last past, and praying that he might
be declared bankrupt. The petition further slntod
that Charles Brnckett, and The several other cred
itors uaned in tbs petition, on the 9Th dpy of The
same August, sued Out wrs OF attachment again8
the said Spear, and caused certain goods, wares
and merchandise Of the said Spear to I've attached
thereon TO n large amount that on the goth day
OF August Judgments were rendered in the sever
nj suits against said Spear on his confession exc
ecutlons taken out, and tho goods attached
as aforesaid seized thereon; and that the goods
were advertised 10 be sold on the executions on the
81 day OF September, and would bc then sold, to
the great injury Of the petitioners and other cred
tors OF sad Spear, unless the sale should be- stay
cd by injunction from this court
PRENIiss, j. The general question presented
in This case is one Of much importance, affecting,
ns It's ultimate decision undoubtedly will to a very
considerable extent, the rights mud interests Of
many persons in this state. Viewing it in that
hight, have given TO the question all the consid
ernlion the time afforded me would allow, and
""'N W lOGtD uU opinion upon " Win
single eye 10 its merits, nnd without INDUCING
in amy cxlrnneous or irrelevant speculniions.
have not allowed myself 10 be Influenced by any
considerations urising out Of The supposed policy
ut the bankrupt act, heyond what appears TO be
It's policy from the act itself. To 20 aside of
written positive law md reason upon nm assumed
aud Imputed general policy in regard TO it, espe-
r'aUy II there lie no apparent ambiguity in the
Inw, rs, IN my opinion, nn unsafe and unsn,isac.
tory mole OF argument in Judicial questions. l, is,
us one OF the present judges Of England sad Of
pupIIc policy as ground Of argument like MI un-
ruy Horse, when y0u once get astride il, you new.
er Know where it will cnry you. The policy OF
The act whatever it mny re in respect to the dis
trOuon OF the banklupl's estate among his credi-
TORS and whether more or less restricted is TO he
collected from the provisions Of the uct itself Civ
ing TO all its parts just constructions /, is con-
ceded, rs il must be, that it is not the policy of
the act TO distribute The properly Of the bankrupt
Pnri pdSSu, among his creditors, in rntenble pro-
PORTIONS regardless of all existing liens, fer TINT
would he contradiction of the act, ut once d-
rect, palpable, and undisguised. II is admitted
that some liens ore saved; ana if 80, the question
is, upon tair Interpretation O the act what lie ms
Are they those only which are created by express
contract, or are they all liens whatever which nre
crented or exist under the laws of the respective
states?
The net provides, "that nothing in this act con-
Ianed shall he construed TO annul DESTROY or i'm.
pair any lawful rights of married women, or mi
nors' or amy liens, mortgages, or other securities
on properly, real or personal, tohch may be rdid
oy the td'ps o. The stdfes respectively aud which
not inconsistent with the second and fifth sections
of this act"
any liens, mortgages, or other securities OIL
property, real or personal" nre very comprelen-
sive terms. and nre used without any qualifiea-
non or Limitation whatever, except whit is ispos
ed by reference to the laws OF the states and 10
the provisions of the second and fifth sections of
me act The obvious reading would seem to be,
thnt every Kind of lien or security, upon real or
personal properly. is protected and preserved
where such lien or security is valid by the state
Jaws, unless II is fraudulent within some of the
provisions referred TO- or is liable to the objection
oi creating such preference as those provisions
prohibit
Though lien, in narrow, and perhaps the more
technical sense, signifies the right by which per-
son IN possession of personal property holds and
detains against the owner in satisfaction of a de-
mnhd, y { II has more extensive meaning, and
m common accspiation, is understood and used to
denote lega! clun or charge on property, either
real or personal, for the payment Of any debt or
huiv. Every such claim or charge i.styled lien
on me property, although the property he not in the
possession OF him 10 whom the debt or duty is
due. The right Of vendor upon land as secu.
ri'y Tor The purchase money the right of a juhg-
lheht creditor against the lands goods OF the
ma6v If Tho s,o,,ss ou ~ IL" ~ Enga'n ana IN
nconireJ hv n oroI, Il, s',, e1"'ty anu 'ne iisht
nrnner,y ,yhsr,. ,L I. u'''e, a.. u'.ao''i'cn' Of
lll spoken OF and treated rs liens, in abridgments
Isc;s;oms I,Ion e".y iea'Isas, anu III JUDICIAL
ed anJ Io,nn az a' ,;a expressly cat
g" a'' Senon'',a'ea 'ien IN The statutes oil this
Th., , w. ,...,, oo.l
or sanso All 'i seM "seh III ',ie nc' III INC 'hl
n tho ,s,;a aa ''a' o 'aaN,u proPsry vests
,,hars ,,'n, ,,,i I"os w a"y SUCH i'eh or c'ain
lem, from, The ',,, na;" "po" ~, NOV ony EVIL
'e"' 'o,' '"e 'e'"i prhS apphen IN The act 10 re-
..;~e co"n,eran 'oO". P."pey' C"' seems 10 re-
me ~ .h' ~, Th' " ."ppos ao',, o.ner ProV,s-
s";onaa $500 ~ ,'e 1 ',; seo''on gives Tue
10 redeem or discI,ara. an" sa.,a y. VIC oou I,
iedge or deno,T o. rs ,, ny , s, vi o'"er
ersonol,. he ,hir sa",;,n y Pacpes:y, 'ed' Or
end INV sui, nen'i;rn an.n., H." ,.', .''' 'ou o
me of The decrss nf b,nrr',',,, v o'sS"h ii ahe
ecrion declares Tho urovina ofnny LAIN au ,'o .''"
49, i''"'''S W ""y Vout ny