Greenbrier independent. [volume] (Lewisburg, Va. [W. Va.]) 1859-1980, 1895-03-07
The Preferred CREDITOR BiI.

tant acts passed by the Legislature
at its recent session:
|. That section > of chapter Il of
the Code of West Virginia, as
amended and re-enactCd by chapter
l23 of the Acts Of 1891, be amended
and re-onaCtCd so as to read ms fol.
lows:
=. In this section the word "trans-
fer shall bc taken to include every
gif, sale, conveyance and assign
ment, and the word charge" shall
be taken To include every confessed
Judgment, deed of trust, mortgage,
lien and incumbrance. Every trans
fer or charge which is not upon con-
Slderation deemed valuable in law,
shall be void as to creditors whose
debts shall have been contracted at
the time ii was made; but shall not
upon that account merely he void as
TO creditors whose debts shall have
been contracted, or as to purchasers
who shall have purchased after it
was made and though it he decreed
to he void as to a prior creditor, be-
cause voluntary, it shall not for that
cause be decrCed to be void as to
subsequent credits or purchasers
Every transfer or charge made by an
lnSolNent debtor attempting to prefer
any creditor Of such insolvent debtor
or to secure such creditor or any
surety or ind0rSer for debt to the
} exclusion or prejudice of any other
creditor, shall be void as to such
, preference or security, but shall be
taken to bp for the benefit of all
creditors of such debtor, and all the
: property so attempted to be trans
terred or charged shall be applied
J and paid pro rata upon all the debts
= owed by such debtor at the time
such transfer or charge is made ;
Provided, that any such transfer or
charge by an inSolvent debtor shall
he valid as to such preference or pri-
ority unless a creditor of sucn insol-
vent debtor shall institute a suit in
chanccry within one year after such
transfer or charge was made to set
aside and avoid the same and cause
the property SO transferred or charged
to be applied toward the payment
: pro rata of all the debts of such insol-
, vent debtor existing at the time such
transfer or charge is made, subject,
; however, to the provision hereinaf.
l ter contained with reference to crcdi.
tors uniting in such suit and con.
trihuting To the expenses thereof
But if such transfer or charge be adj
: United To record within eight months
= alter 1t is made, then such suit to be
availing must be brought within
= four months after such transfer or
charge was admitted to record
Every such suit shall he deemed to
be brought in behalf of The plaintiff
and all other creditors of such insol-
vent debtor, but the creditor insti.
tutlng such suit or proceeding, to.
gcther with all creditors of such in.
' solvent debtor who shall come into
the suit and unite with the plaintiff
before final decree and agree to con-
tribute to the costs and expenses of
said suit, shall be entitled to have
their claims first paid in full pro rata
out OF the property SO transferred or
: charged in preference to any credi.
tor Of such debtor who shall before
final decree decline or fail to 81 unite
and agree to contribute to the costs
and expenses Of said suit, but not in
preference TO such creditor rs NAV
attempt to sustain the preference
given him by such transfer or charge:
Provided, further, that nothing in
in this section shall be taken to pre-.
e vent the making of preference as
security for the payment of pur.
chase money or bona fde ,oan OF
, money or other bona ,fde debt con.
trarted ut the time such transfer or
charge WAS made or as security for
= one who at the time Of such transfer
. or charge becomes an indorser or
surety for the payment of money
l then borrowed; Provided, further,
p that nothing in this section con.
tanned shall be taken to affect any