Page:Federal Reporter, 1st Series, Volume 5.djvu/726

 714 FEDERAL REPORTER. �fumish the same criterion of judgment. It does not foUow that because, as between each other, the secured creditormay collect interest and costs of foreclosure, it is only the net results that the ; bankrupt can enjoy in this matter of deter- mining his diBcharge. It is to the gross fund we must look in his behalf, and it does not concern him how or to -whom it is distributed, whether it is paid out in costs or to the creditors, whether the property is weU or ill managed, so long as he allows no frandulent debts to be proved against him. �There is another suggestion in favor of this view. If the rule insisted on by the creditors here be the correct one, no bankrupt could ever be discharged until the final winding up of the estate ; for, untU then, it cannot be known what the costs and expenses may be, nor how muoh the assets wUl pay. Yet, on the contrary, the law allows the bankrupt, after six months, to be discharged, if no ground of opposition exists, and it may be long after that time before the, estate is settled, and costs and expenses stopped. Eev. St. § 5108; Bump, Bankr. (lOth Ed.) 695. �I think the true rule is to take the day of adjudication as the point of time for estimating the amount of debts and the value of assets; certainly not later than the date of assign- ment, when the assets pass under the control of the creditors and their assignee. �The register reaches the same conclusion, and it may be certified to him that I concur in his ruling and let the cause proceed. The bankrupt will be entitled to his discharge, if no other objection exists. ����