Page:Harvard Law Review Volume 8.djvu/285

269 VOLUNTARY ASSIGNMENTS AND INSOLVENCY. 269 time tefore the final dividend,^ and only such debts were to be pre- ferred as by the laws of the United States or of the Commonwealth were entitled to preference.^ Any assignor complying with the provisions of the Act was to be discharged from his debts unless it appeared (1) that he had fraudulently concealed, reserved, or dis- posed of any property; (2) that he had made false statements concerning the disposition of his property; (3) that he had made any conveyance with a view to give a preference when in contem- plation of insolvency ; or (4) that he had given notice of his in- solvency to any creditor with a view that he should obtain a preference.'* To make the Act still stronger, it was provided fur- ther that " No assignment or conveyance made by any insolvent debtor to assignees or trustees for the use of any of his creditors shall be valid or effectual against an attachment or execution in behalf of any creditor who is not a party to it, unless it is so made as to allow all the creditors of the debtor to become parties to it, if they see fit; and unless also it is so made as to give to each of the creditors who shall become parties to it an equal share of the property in proportion fo their respective debts, excepting only such creditors as may by the laws of the United States or of this Commonwealth be entitled in such case to a preference." * Such were the provisions of the Act relevant to our inquiry. There were, besides, many provisions to secure its fair working and proper application, giving rise to many decisions with which we need not concern ourselves. Leaving now for the moment the subject of voluntary assignments, let us trace the development of the insolvent law. The first Act regulating proceedings in invitum was passed in 1838,^ and specified as the grounds upon which its aid could be invoked, the following: — (i) If any person arrested on mesne process in an action for $100 or upwards should fail to give bail before the return day of process. (2) If any person should be imprisoned more than thirty days upon mesne process or execution in an action for ^100 or upwards. (3) If any person whose goods or estate were attached in an action for ;^ioo or upwards should not dissolve the attach- ment before the last day of the return term.^ It was provided that, in these cases, any creditor might apply, by M 4- '^ § 3- « § 9. * § II- 6 St. 1838, ch. 163, § 19,
 * Within seven days from th^ return day of the writ. Stat. 1851, ch. 189.