1 806.] Abstract of the Bankrupt Law of Hamburg. S3? 



part, or deliver goods in payment or as 

 feciirity. All this is legal in Hamburg, 

 and cannot afterwards be claimed, unlels 

 the demand on the debtor was not a bona 

 fide]i\i\ one. Should this prove to have 

 been the cafe, or that more has been paid 

 than was a6tually due from the debtor, 

 it then becomes a fraudulent traufattion, 

 and the ctfeCts fraudulently conveyed, or 

 what wns overpaid, may be recovered 

 again by the whole body of the credi- 

 tors. 



Tliat goods which have been depofited 

 with the bankrupt are looked upon as 

 his own property, and even may be 

 placed as fecurity in another's hands, 

 arifes from our common principle in 

 trade, that goods found in tlie polfellloa 

 of any one are prclumed to be his own. 

 It was, according to this principle the 

 duty of the third perfon to take care that 

 he w as placing his goods in the hands of 

 an honell man, and if he has been de- 

 ceived, he muft fuftcr for his credulity. 

 The principle of the Roman law, that a 

 man may take his goods out of the hands 

 of a third poiVclfor, is inimical to the laid 

 C'ftabliilied principle of trade. 



On the fecond day after the formal 

 declaration of infolvency, a meeting of 

 the local creditors, as well as the attor- 

 iiies for thofe abroad, as far as they are 

 known, bill-holders included, is called, 

 in order to choofe affignecs. Any cre- 

 ditor or attorney, although he did not 

 receive a regular fumnions for that pur- 

 pofe, may attend the meeting, and enter 

 his claims. 



The allignces are chofcn from the bo- 

 dy of the creditors by a majority of votes. 

 The right of having one or more votes 

 depends upon the amount claimed, and 

 110 creditor has any vote whofe debt is 

 under the amount of one hundred marks. 

 Only two ai'lignees are conmionly chofen ; 

 but ihould it be the wifli of a conlider- 

 able number of the creditors, three are 

 nominated. This moft generally hap- 

 pens when tbe two firfl cholen appear to 

 be friends of the bankrupt. An aflignee 

 inull be a citizen of Hamburg. Citizens 

 of Hamburg holding powers for creditors 

 abroad, are however eligible. A book- 

 keeper being ap))oiiited by the afiignces, 

 jiolh the one and the otiicr are obliged 

 to take an oath before the magillratc that 

 they will faithfully difcharge the duties 

 of their ofiice. 



One of I lie hrft things the alTignces are 

 to do is to ac(|uaint the bankrupt's corre- 

 Jpondcnts abroail of their ap^ oiutiue»t 



under tb« cornmiffion, and moie particit* 

 larly to requtll thofe that have not ^ret 

 appointed an attorney to do it witiiout 

 delay. 



In order that the appointment of the 

 commiliion may come to the knowledg« 

 of fuch creditors as might have been 

 overlooked or omitted by the bank~ 

 rupt, an advertifement is inferted in the 

 different newlpapers by order of the 

 magiliratej but as this advertifement oc 

 proclamation c(nicerns only I'uch as ar* 

 yet unknown, none of the creditors ah-ea-* 

 dy known to the affignees need repeat 

 entering his cUiiins. 



The bankrupt having been fwom to 

 the fair dilco\ery or difclofure of ail bis 

 cftects, the aflignees proceed to make aii 

 arrangement of his el'tate, fepanite from 

 it what does not belong to it, and on the 

 other liand c illect in what appertains 

 unto it, lif|uidutc the different claims, di- 

 vide the creditors into proper clail'es, and 

 finally make a dividend of the produce 

 of the cltate in hand. 



All goods left in cominiffion to the- 

 debtor are feparated as not belonging to 

 the general mals, and claimed accordiiif^ 

 to the !26th ai'ticle of the Hamburg Bauk- 

 rupt-law. 



Any creditor refiding in Hamburg who- 

 has not above fourteen days before the 

 commillion is opened Ibid goods or ef- 

 fects either on condition of immediate 

 payment or upon credit, may claim and 

 recover thofe goods. The creditor 

 abroad, in lieu of polfefling this right, has 

 that which has already been mentioned 

 of Hopping the delivery of his goods and 

 of placing them in other hands. But if 

 fuch goods are actually delivered to the 

 bankrupt before the commiifion is open- 

 ed, they cannot be claimed and feparated 

 from the general mafs, although it tkould 

 appear that they have not been paid for, 

 and even when they are found Hill un- 

 touched in the bankrupt's polfcfiion. 

 Ko goods however which arrive alter the 

 opening of the commifiion, and have 

 not been paid for, c;ui be converted to, 

 the benefit of the whole body of credi- - 

 tors ; and in cafe fuch goods are not inj- 

 mediately claimed by fome fncnd of the 

 conligner, the allignees take care of them, 

 and keep them at the dilpoiiil of the piti- 

 prietor. 



Thofe who have fold bills to th.o bank- 

 rupt not above eiglit ilays bcfoie iii* 

 failure, may claim tlie bills, or value re- 

 cc ived for them, in eafo one or the other 

 ia found in the bunkrupt's poii'efiion. 



U u 2 The 



