, 1894-07-14

NHN 49, &c II
to the credit and general business trans
actions, for which reason it is 10 he desired
that the present state Of things as quickly as
possible and without unnecessary delay should
be rentedled, but as an ordinance by which
the said enactments in Law Of 25th March
1872 a"e extended ought to be common for
all the Danish West Indian Islands it is
desirable that the initiative for an ordinance
to this effect should be taken by the
Government.
lst Member for Christiansted CStukemannl
introduced the Interpolation he said
the reason for bringing 1t forward is,
as stated in the remarks, because there
is a great want felt in the direction
alluded to. It is certainly so that there
are q great many other laws which it
would be Of great practical interest to get ex-
tended to the Colonies, and which have not
been extended however, the present instance
IS one OF more pressing nature but as it
must necessarily be a law for St. Croix and
st. Thomas, as it would not do to have differ
ent laws on that matter for the Islands he had
considered it better that Government intro
duce the matter by o Draft in common for all
the Islands before both CodnGils. The part
of the Law of 25th March 1872 proposed to
be extended now is but a portion Of The law
existing in Denmark relating to insOl> ent
estates, a portion which it is admitted forms
only a sort of appendix and not q necessary
part of the law. The enacthents referred to
deal with the question of giving mortgages
in moveables, and while it might be
very difficult to have extended the laws
on insolvency, owing to the local interests
and relations, and because those laws
deal with SO many items that do not
suit our conditions, it is on the other
hand pretty evident that the mortgage
sections may easily or without detriment be
extended to the colonies independent of the
insolvency sections. The enactments to
which allusiOh is made in the Interpolation
prevent or prohibit the mortgaging of all
what a person possess or might come to pos
sess we have now a right to mortgage ones
effects under general terms such as house
hold furniture, stock in trade, &C.; but it is.
evident that such a right can never be good
for the general credit for when a man mort
cages all he has to one creditor, leaving out
all the others in the cold, these run the risk
of losing all. Those enactments furthermore
provide, that mortgage cannot be given in collec-
ton of thiAgs of the same sort or for common
use and classed under a general denominations;
but such things when mOrtgaged, must be
specified. The system. COW followed of Civ
ing mortgage in, say household furniture,
stock in trade, a library ETC.; is certainly
liable to misuse IN many directions. BuC
the chief point is, that now mortgages can, as
already mentioned, be given in all what q
man owns or might iii future come to own
it is true that when this mortgage relates to
movables such a mortgage does not stand
good in law until 6 weeks have expired, and if
the man before that time be thrown in the
Dealing Court, the mortgage can be upset;
but this is all very well in regard to creditors
residing here and who have a chance to see
and to hear what transpires of that kind but
to creditors abroad, who have no such chances
and who cannot in time do any thing to up
set the arrangements SO made, that fact
affords no protection; and after a creditor has
for a long time been furnishing a man hers
with stock, the first thing he hears after a
time is, that the man has mortgaged all he
possessed or might in future possess, and
when a Dealing is called, the foreign creditor
gets nothing at all, and it often occurs, that
goods arrive after such mortgage is issued
and goes of course under the general mortgage
to the other party. Not very long ago a
similar case occurred. where a large Estate
went in TO the Bankruptcy Court and
parties abroad who had furnished the bank.
rupt with considerable stock, perhaps only
a short while befJfe the event, sent their
accounts for collection. by lawyers here; but
everything which the party possessed, NOV
.LIos ord ;poooOvoIlao had hoQO n0rt1aOoS