The Hawaiian gazette. [volume] (Honolulu [Oahu, Hawaii]) 1865-1918, 1893-12-12

OPINION OF THE COURT BY FREAR,
The question is whether w. b
Aldrich is entitled to be adjudged
bankrupt upon his own petition. 1
appears that he owes debts, due a
| the time of his petition, aggregatine
a little more than three Thousand
dollars; aud that his property, aside
from articles of household furniture
OF little value, consists of bequest
during his life of portion of the
income of part of the residue Of
the estate of his deceased father
who by will, after making certain
specific devises and requests, gave
the residue OF his estate to trustees
upon various trusts, the third OF
which is:
80 appropriate and pay out OF
the net rents, income, issues and pro-
fits derived from or yielded by the
equal one-fourth a. part of such
residue of my estate, and from the
successive investments thereof, here
inbefore provided for, SO much
thereof as may be required to be ex-
pended for the proper education of
the children of my said son William
Holt Aldrich, and to pay and de-
liver the remainder of such net
rents, income, issues and profits to
my said son, William Holt Aldrich,
for and during the period of his
natural life, and in quarterly, semi
annual or annual installments, as he
may elect; provided dIaoays, and it is
positive and specific condition of
this bequest, that said portion of
said rents, income, issues and profits,
shall be paid to him personally, and
only upon his individual receipt
therefor; also, that he shall have no
power to anticipate said rents, in.
come, issues and profits, or any part
thereof, nor to ALLEVIATE, transfer,
convey, or dispose of the same, or of
any interest therein, or part thereof;
nor shall the same be involuntarily
alienated by him, or be subject to
attachment or execution, or to be
levied upon or taken upon any pro.
cess, for any debt or debts which he
may contract. or in satisfaction of
any demands or obligations which he
may incur"
There are certain limitations over
upon the death of this son. The
amount of the income in question is
wholly uncertain, but it seems to be |
admitted to be sufficient to pay the
debts in the course of time, or even
at present, if available by way of
anticipation.
The statute, in Section 2, which
provides for voluntary bankruptcy,
authorizes "any person owing debts
to the amount of five hundred dol
lars" which have not been con-
tracted in a fiduciary capacity, to
petition to be adjudged bankrupt.
There is no express qualification in
the statute, as to whether the debts
must be due or not, or whether there
must have been failure to pay them
when due, or whether the debtor
must be insolvent or not. Consider
ing the general purpose of the
statute, however, it is plain that the
legislature could not have intended
to allow "any person whether SOL
vent or not owing debts whether
1ue or not to the amount of five
hundred dollars" to become bank
.upt. There must therefore be some
implied qualification or restriction,
here must be some implied circum-
stance or circumstances, in addition
% the mere fact of owing debts to
he prescribed amount. But what?
COUNSEL for the alleged bankrupt
contends that it is sufficient if the
lebtor in addition to owing debts has
any of the acts enumer-
ted in Section l of the statute, {
which provides for the involuntary
upon the petition of his
of ''every person owing I
Iebts to the amount of five hundred I
dollars who shall refuse or fail to &
maize payment of any of his just de- q
hands for ten days after the same
hall mature, or who shall depart the t
ingdom with the intent to hinder, |
clay or defraud his creditors, or l
Tho shall secrete himself, or keep his c
ouse to hinder, delay, defraud or t
void his creditors, or to hinder or J.
clay the service of legal process for
be collection of any debts or who 2
hall make any fraudulent or secret U
conveyance of his property to any t
erson or persons, or make any secret il
smoval or other disposition of his T
for the purpose of hinder d
1g, delaying or defrauding his b
reditors." This contention is I'M D
ound. 1t would allow the (
ebtor to take advantage of his b
wn wrong to the injury of his u
reditors. The statute is designed a
,r the benefit of the creditors as g
ell as of the debtor. So far as it n
rovides for involuntary bankruptcy, Of
is designed chiefly for the benefit II
the creditors, enabling them to il
rotect themselves, SO far as possible, b
ON loss, which might otherwise re- Il
lit from either the wrongful acts or b