in the account. Here, the payment to the bank did not proceed from the bankrupt, the Newport Knitting company. The Titus Sheard Company had a standing quite apart from its relation to the Newport Knitting Company as a debtor In the transaction with the bank, the Titus Sheard Company acted on its own behalf. As the holder of the original note, that company had endorsed it to the bank, taking for its own benefit the proceeds of the proceeds of the discount. Its obligation as endorser was continued by the renewals, and to secure the bank on the last renewal it had deposited its own colateral. It took up the note with its own funds and received back the security. Neither directly nor indirectly was this payment to the bank made by the Newport Knitting Company, and the property of that company was not thereby depleted. The fact then is not, as it is contended, that "the bankrupt parted with property to the amount of the note and the bank received it," but rather that the bankrupt parted with nothing, and the bank received the money of the endorser and redelivered to the endorser the paper collateral. When the Titus Sheard Company took up the note, it was credited with the amount of the payment in its account with the Newport Knitting Company. But the question, in the circumstances disclosed, of the right of the Titus Sheard Company to a set-off against its indebtedness on the account is distinct from the question whether the bank received a preference. Western Tie & Timber Company v. Brown, supra. It would be only by the allowance of such a set-off that the bankrupt estate would be diminished. And, as was said by the Circuit Court of Appeals," if the Sheard Company, knowing the Newport Company to be insolvent, acquired the note with a view to using it as a set-off or counterclaim against its debt, it could not legally do so (Bankruptcy Law, sec. 68b)." The amount of the indebtedness of the Titus Sheard Company could still be collected by the trustee. It is urged that by virtue of the instrument already mentioned, which was executed by the Titus Sheard Company on August 11, 1903, all the assets of that com pany had been assigned to the bank, and hence that the security placed with the bank on the last renewal of the note was already held under this instrument and continued to be so held after the note was taken up, despite the surrender of specific assignments. It is said further that as a result of the execution of this instrument, the bank "stepped into the place of the Sheard Company,' and knew the condition of the account with the Newport Knitting Company and the charge that was made to it. The argument attributes to the instrument undue importance and an effect which it did not accomplish. It was far from being an adequate legal security. Apparently, the Titus Sheard Company was left in the possession of the property, and its officers continued its management with freedom to sell, to collect accounts, to pay outstanding notes held by others than the bank (so far as they could not be renewed) and generally to liquidate the business in accordance with the expressed intention to convert the assets into money as speedily as possible and thus to meet all the obligations to the bank. To this end, the company and its officers were "work faithfully" and the surplus moneys as fast as realized were to be devoted to the payment of the indebtedness. It was natural that the bank should require security for the note of a more definite and satisfactory character, that is, proper collateral. And when the bank received the specific collateral deposited by the Titus Sheard Company on the renewal, the bank obtained a control over it which otherwise it did not possess, and this control it surrendered on the redelivery. In view of the effort that was being made to reduce the obligations of the company held by the bank it cannot be thought surprising that the note with the collateral was taken up before maturity. It was not shown that the bank had anything to do with the credit to the Titus Sheard Company in its account with the Newport Knitting Company. Nor does it appear that the bank knew of the condition of this account or had any reason to believe that it was proposed to set off the payment aginst an indebtedness to the bankrupt. The bank dealt with the Titus Sheard Company as the endorser of the paper; and the trustee failed to establish any right to recover the moneys it received. REVIEWS. THE AMERICAN and ENGLISH ANNOTATED CASES, 1912, B, Vol. 23. Published by Bancroft- Whitney Company, San Francisco, and Edward Thompson Company, Northport, Long Island, N. Y. This is the third volume of this series of reports gotten out since the combination of these famous firms undertook to combine forces in the publication of this excellent and extraordinary work. However, properly speaking it is the 23 volume of this noted seriee. Nothing that inhanced the value of the first twenty is omitted, but much in added to place these volumes on the high eminence of professional approbation. The arrangement, the nature of the opinions and the annotations will always hold the esteem of the bench and bar. These opinions cover the field of the legal reason of the English speaking world, but alluding to it locally, the very first is the opinion of Creek Coal Company vs. Jackson, written and rendered by the first Chief Justice of Oklahoma, R. L. Williams, who is now in addition known to the state as a noted legal author. This opinion as annotated by the publisher's Staff, it receives 23 pages of well selected and considered annotation on mining subjects and incidents thereto.-Treating of liens on mines-mine fixtures-buildings-improvements-erections distinguished from repairs, etc., making the opinion a treatise in itself. Following this the volume is replete with other important cases. Additional to the general index, it has one to the Notes. At the close of this volume, but separate, in pamphlet form, the publishers have gotten out an index to the Notes in the last three volumes. This index we presume will be mailed to any subscriber on application. MEDICAL JURISPRUDENCE. By Professor John W. Reese, M. D. A new and Revised Edition Published by P. Blakiston's Sons & Co., Philadelphia, Pa. This is a new work, neat, compact and well arranged. Its great merit, however, does not rest on its mechanical execution tut in the terse, yet clear and comprehensive manner of its statement of facts pretaining to the subject. Many other writers have contributed to the literature of this important branch of study, but none, with perhaps, the exception of Alfred Taylor, have confined themselves to a practical scope-condensed the matter to a practical treatment and a reasonable size volume. Medical Jurisprudence is full of technic pretaining to the science, but the busy physician or lawyer requires a compendium on this subject, that is accurate and reliable, yet not so ponderous as to deter from its study. After an introductory chapter, this work discusses scientifically what are the positive signs of death, followed by another chapter on Medico-Legal investigation, next by an extensive one on Presumption of death and Survivorship; them follows one on the often puzzeling question of Personal identity Causes producing violent dea h. Feigned disease and injury, Criminal abortion and infanticide, Insanity and Malpractice each receives special attention. The work closes with a chapter on Toxicology. It contains also a complete index of all the topics treated. EDITORIALS. On the 9th instant the Senate of the United States passed the Panama Canal bill. The vote for the bill being 47 and 15 against. On the 12th, it passed the Post-Office Appropriation bill, providing for a zone system of parcels post. The Senate amended the bill in passing it, instead of six it made 8 zones and readjusted the rate fixed by the House. 50 mile zone, first pound 5 cents, each additional pound 3 cents, eleven pounds, 35 cents. 150 mile zone, 6 cents, each additional 4, eleven 46. Supreme Court Justice Giegerich, who has repeatedly expressed himself, during the current year, about the evil of the "Lawyer's Delays" in the courts of New York County availed himself on May 21 of unprecedented method of hurrying the procrastinating lawyers. In the regular records of the court he made public the reasons why business in six cases had remained unfinished, as a result of the widespread custom of lawyers to put off for months perfunctory details which are necessary before a case can be disposed of. The Court singled out six cases which had been tried before him last February. In two of them the Court had ordered that copies of the decision should be signed by the attorneys of both sides and submitted to him for his signature. These orders had not been complied with, though weeks had elapsed. In another case a settlement was arranged out of court and no notice sent to Justice Giegerich, so that this case also remained to clog the court which was awaiting the submission of the evidence. In two cases orders were sent to the attorneys last February to submit findings and briefs immediately, and the lawyers had not been heard from. Such a publication of the reasons for delay, fixing the blame where it belongs, cannot fail to have a salutary effect. Green Bag While in Altus, Oklahoma, a short time since. we were the recipients of courtesy and kindness from the firm of Messrs T. M. Robinson and Hamilton of that city, which we cheerfully desire to acknowlege. These two young men deserve the highest success in the profession, as they understand the essentials, not only of legal learn. ing, but the obligations of cultured men-the concomitant essental, that goes with it. They own a splended library and are faithful students of its contents. |