The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1907-08-28
LIVELY DEBATE
PRECIPITATEO
Report of Committee on InSur-
anCe to Bar Association
Aroused Opposition.
REC0MM ENDATI0NS LOST
OPINION OF AN EQUITABLE d.
RECTOR.
RECOMM ENDATIONS LOST


Portland. Me-. Aug. 27.-The report of
the committee on insurance to the Amer
lean Bar association condemned the Gus
tom OF making state insurance commits
sionerships political and recommended a
federal enactment forbidding the use of
the mails to all insurance concerns not
licensed by the states wherein they are
domieiled. It also declared in favor of
the apportionment and contingent distri-
button of deferred dividend sUrpIuses on
life policies by all companies as a condi-
ton precedent to the transaction of bust
ness outside their home states The re-
port precipitated spirited con-
test, especially so as ii was &C
ask congress to enact a law prohibiting
insurance concerns doing business unless
licensed by federal or state authority.
Those faVoring the bill contended that the
wildcat companies. Those opposed to II
argued that il was another form of the
attempt TO secure federal preference to
state regulations. The proposition was
Littlefield of Maine, who is a director in
the Equitable company, predicted that if
the deferred dividend distribution plan
was carried out ii would bankrupt all the
companies
Finally this recommendation was tabled
by a vote of 10 to rs.
The report of the committee on COM
mercial law was read
Bankruptcy Law Lame.
Several amendments to the present
bankruptcy law, including an enlarge
ment of the definition of insolvency and
recommendation that the association
approve both the uniform sales act and
the uniform warehouse receipts acts, were
included in the report Of the committee
on commercial law. The changes in the
aralrr
are made under the heads: In the ,statu-
tory definition and proof of insolvency in
fact in the enumeration of acts of bank
ruptcy; and in respect TO the person or
persons qualified TO make affidavit to a
petition in involuntary bankruptcy.
The report says:
THE present restricted statutory def
milton of insolvency has been much criti-
cised and is certainly practically embar-
RAISING in mOtter fproof 1t is said to
protect a debtor whose property is not
quickly convertible. but on the other hand
it may operate to put creditors at the
debtors mercy The committee believe
that the definition of insolvency in fact
should be enlarged. and that the statute
should provide that insolvency may be
further proven by any one of the three
following circumstances, viz, by return
of nulla, bona to a writ of fieri facias; by
proof OF inability to pay debts in the
due course of business as they mature.
(This to be limited to commercial classes }
Co partnership or corporation which is in
solvent. And the committee further rec
Ommends that the enumeration of acts of
bankruptcy be modified or enlarged so as
10 coincide with the new definitions OF
insolvency in fact. The committee fur
Their recommends an amendment to the
statute so that it may provide that the
affidavit TO a petition in involuntary
bankruptcy may be made by petitioning
creditors or by their agents or attorney
Sbo.4Id Ra IInfFor1,
'Tn consideration of the great importance
of uniformity in the law OF sales and the
law of warehouse receipts, the committee
recommends the approval by the assOcia-
ton of both the uniform sales act and the
uniform warehouse receipts act, and that
a special committee or special commit
tees OF the association be appointed to
secure their passage by the legislatures OF
those states which have not already
adopted them, including their adoption
by congress for the District of Columbia
The committee suggests, however, that
the bill concerning warehouse receipts
might be improved, in one particular
that is BY making it more definitely to
protect the rights of the transferee of a
finder of a warehouse receipt, and that
the attention of the commissioners on
uniform state laws should be called to
this matter. AS now drafted the trans
fierce of fraudulent holder is definitely
protected, but protection is not extended
to the transferee of a finder, and there is
thus a possible diminution of negotiable
ity resulting in the necessity of proving
by a holder that he is entitled to hold
the receipt. The committee does not in
tend this suggestion TO be limitation OF
approval of the bill in question, but rec
ommends the endorsement of both laws in
their entirety"
Admission to the Bar.
The report of the committee on legal
education and admissions to the bar con-
ii
rectiOn of regulating the comforting OF
law degrees. They include one urging the
adoption in each state and territory and
in the District of Columbia of a uniform
law on the subject of law degrees. In
this connection the committee presented
an outline of an act which would provide
that the degree Of bachelor of laws and
bachelor Of civil law may be conferred
by an institution which maintains a
course OF law for undergraduates. which
course extends over three academic years
of at least eight months in each year, pro-
vided the institution requires of appli-
cantS for admission TO it's classes an edu-
cation equivalent to that possessed by one
who has completed a course required for
graduation from high school and in adj
ditiOn requires candidates for such de-
grees to carry at least ten hours of class
room work a week throughout each
academic year in that institution or in
some other Institution qualified to grant
such degrees. that the degree of bachelor
which maintains a course in law but
which does not meet the requirements pre-
scribed in the preceding section; that the
degree of master of laws may be con-
ferred only by institutions authorized To
confer the degree Of bachelor of laws, and
shall be granted only to persons who have
studied law for not less than one full
academic year after obtaining the bach
elor's degree in law and prosecuted such
study in residence at the institution con-
ferring the degree; that institutions au-
thorized by the act to confer the degree
Continued on Page 2.