Reports of Cases Determined in the Court of Chancery, Vol. 2 : And on Appeal, in the Court of Errors and Appeals of the State of New Jersey (Classic Reprint) by John P Stockton
Excerpt from Reports of Cases Determined in the Court of Chancery, Vol. 2: And on Appeal, in the Court of Errors and Appeals of the State of New Jersey
The object of "the act to prevent frauds by incorporated companies" is to secure to the creditors of such institutions an equal distribution of its assets. This is the primary object of the statute. Any act done with the view, and for the purpose of defeating this object, is a fraud upon the act, and is illegal.
Our court have always recognised the object and provisions of the act in question and the bankrupt laws to be essentially the same; and if it is to be considered as partaking of the character of a bankrupt law, it is proper to apply to it the general rules that govern the system, where it is in use.
If a bankrupt, in course of payment, pays a creditor, this is a fair advantage in the course of trade; or if a creditor threatens legal diligence, and there is no collusion, or begins to sue a debtor, and he makes an assignment of part of his goods, it is a fair transaction, and what a man might do without having any bankruptcy in view. But if a man, in contemplation of an act of bankruptcy, dispose of all his effects to the use of different creditors, it would be a fraud upon the acts of bankruptcy; but if done in the course of trade, and not fraudulent, it may be supported.
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