SECTION VI. Of Reversions. As the commissioners are by section 64. (1) empowered to convey all the interest, to which any bankrupt is entitled in any lands or hereditaments, and which he may by law dispose of, it seems to follow, that they may convey a reversion, or remainder, of the bankrupt (as well as lands in possession), or indeed any future interest which is vested in the bankrupt at the time of the issuing of the commissionsuch as a term to commence in futuro. (2) And the 65th section of the new statute, as has been already stated (3), expressly enables the commissioners, in the case of an estate tail of the bankrupt, to make sale of any reversion, or remainder, of such estate, whereof no reversion or remainder is in the crown. SECTION VII. Of Powers. When a power of appointment was vested in a bankrupt, Former it seems to have been for some time a point unsettled, uncertainty as whether the bargain and sale of the commissioners had the to the same operation, as a due execution of the power by the vesting of bankrupt. (4) In one case it was decided, that a bank- Powers in rupt, who has an absolute power of appointment, could signees. not be compelled by a decree, on a bill in equity filed against him, to execute such power in favour of his assignees. (5) In a subsequent case, however, in the King's Bench, where the bankrupt was seised of a life estate with (1) Ante, 348. (2) 2 Com. Dig. 25. Good, 88. (3) Ante, 352. (4) Sugden on Powers, 154. (5) Thorpe v. Goodall, 1 Rose, 43. 17 Vcs. 270. Powers. But now with one declared to be vested in them. the general power of appointment, with remainder in default of appointment to himself in fee—and after his bankruptcy he executed his power of appointment in favour of an apprentice, -it was held that, all his interest having passed to the assignees by.the assignment from the commissioners, such appointment was void, and that his assignees had a sufficient legal estate to maintain an ejectment. (1) And in a former case, too, where an estate was limited to the bankrupt for life, with other intervening uses, and remainder to himself in fee, with power to change the uses, the remainder in fee was held to vest in the assignees, and his power of revocation to be gone. (2) But all question, as to powers of appointment vesting in all powers, the assignees, is now set at rest by the 77th section of the exception, new statute, which provides that all powers vested in any bankrupt, which he might legally execute for his own benefit, (except the right of nomination to any vacant ecclesiastical benefice) may be executed by the assignees, for the benefit of the creditors, in such manner as the bankrupt might have executed the same. And, independently of this express provision as to powers of appointment, the 78th section (as we have seen (3)) also enables the Lord Chancellor to order the bankrupt, to join in any conveyance to a purchaser under the commission of any part of the bankrupt's estate. Powers of With respect to powers of attorney, -it has been deattorney. termined, that a power of attorney, given by the bankrupt to receive money for him, is revoked by his bankruptcy (4); and it would seem also, that a power of attorney given to a bankrupt for the same purpose, would be equally revoked. (5) But when the power has been given by a bankrupt to do a mere formal act, such as to sign an (1) Doe v. Britain, 2 B. & A. 93. (3) Ante, 353. (4) Hovill v. Lethwaite, 5 Esp. 158. (5) Hudson v Granger, 5 B. & indorsement upon the register of a ship when she returns home, (which the bankrupt indeed might be compelled to do himself, notwithstanding his bankruptcy) in such a case, the power of attorney has been held not to be revoked. (1) SECTION VIII. Of a Possibility, or Contingent Interest. --- The words "possibility of profit" are not contained in the new statute, as they were in the 5 Geo. 2. c. 30. s. 1.,where this among other species of property, was enumerated, which the bankrupt was compelled to give up in the disclosure of his effects. But the provision of that statute vested no power in the commissioners over this description of the bankrupt's property, nor, indeed, gave any direction as to what they were to assign — imposing only a particular penalty on the bankrupt, for not disclosing his effects in the manner there stated. The words "possibility of profit," therefore, afforded nothing more than an argument, as to what the intent of the legislature was in those provisions, that related to the assignment of the commissioners of the bankrupt's general property- and on the strength of which it has been decided, that all property of the bankrupt, that was included under the words "possibility of profit," passed to the assignees. (2) Notwithstanding those words are omitted in the present act, (for which, however, there does not seem to be any particular reason assigned) the learned author of it considers (3), that from the general tenor and purport of the act -- from the provision at the conclusion of it, that it shall be construed beneficially for creditors - and from the extensive words (4) enabling the commissioners generally to deal with (1) Dixon v. Ewart, Buck. 94. 3 Meriv. 322.; and see ex parte Macdonnell, Buck. 399. Ex parte Stewart, 1 G. & J. 344. 44. (2) Thorpe v. Goodall, 1 Rose, (3) Eden's B. L. 218. Possibility. and assign the bankrupt's property, that the construction of the new statute will be as extensive in this respect, as if those words had been retained in it. A possibility assignable. But not a mere expectancy of inheriting an estate. But, as a possibility (coupled with an interest) is by law devisable (1), it would seem to follow on that ground alone, that it may be also assigned, with the other disposable property of a bankrupt, for the benefit of his creditors. And, where there was a devise to such of the children of A. as should be living at her death—and A. had issue (amongst others) B., who became a bankrupt, and got his certificate allowed-after which A. died, it was held, that the assignees in this case were entitled to the bankrupt's interest; for that he himself might in his mother's lifetime have released such interest, and that the commissioners were therefore enabled to assign it. (2) The possibility, however, must be such an interest as can be assigned, or released. Therefore the mere possibility, or expectancy, of inheriting an estate generally as heir at law there being no persona designata - cannot be assigned by the commissioners. So that if an estate, under these circumstances, comes to the bankrupt after he has obtained his certificate, neither the commissioners, nor the assignees, have any control over it. (3) But, if the estate descends to him before his certificate, it will, in that case, pass to his assignees under the 64th section of the new act. A policy of insurance effected by a bankrupt on his own life, passes to his assignees, however small the apparent value of it may be. (4) (1) Roe dem. Perryv.Jones, 1 H. (3) Moth v. Frome, Ambl. 394.; and see Carleton v. Leighton, 5 Meriv. 671. (4) Schondler v. Wace, 1 Camp. 487. SECTION IX. Of a voluntary Conveyance. (And see post, 380. as to Personal Property fraudu- bankrupt ation, By the 73d section of the new act, if any bankrupt, Conveybeing at the time insolvent (1), shall (except upon the mar- ance by riage of any of his children, or for some valuable consider- without ation), have conveyed, assigned, or transferred to any of considerhis children, or any other person, any hereditaments, &c., (being at the commissioners have power to sell and dispose of the the time insolvent) same; and such sale is declared to be valid against the void. bankrupt, and such children and persons claiming under him. ment on a wife after within the A voluntary settlement, or purchase, for a wife, made A volunafter marriage, has been held to be included in this power tary settlegiven to the commissioners, upon the construction of the words "children or any other person," which are copied marriage, by the above section, from a former (2) act. And where a above deed, by which the bankrupt conveyed his real estate to section. trustees for the benefit of his wife and children, was expressed to be made "in consideration of 5s. and other valuable considerations," Lord Hardwicke said, that this (1) These words were not in the 1 Jac. 1. c. 15. s. 5., from which this section is taken, and which applied to all cases of a conveyance without consideration, whether the bankrupt was insolvent or not at the time. So that, before the present statute, in order to make a transaction of this kind void against creditors, it was not essential, that the party making the conveyance should have been in. debted at the time; (Fryer v. Flood, 1 Bro. 160. Glaister v. Hewer, (2) 1 Jac. 1. c. 15. s. 5. Tucker |