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1.
C
Of Culpable Insolvency.
This Title not treated regularly, why. On the subject of Insolvency it were in vain to attemp to
give the text of the Law unless the local and political circumstances
of the state were given. A few general outlines and loose hints
are as much as on a Plan like the present there can be found
room for.
Insolvency defined. Insolvency is where a Man being bound to pay a Debt
or perform a service by a certain time fails to pay or perform it
at that time.
Insolvency is either blameless or culpable. It is blameless
when it is owing solely to misfortune. It is culpable when it is owing
in any degree to Misconduct. Moreover, in the case of misconduct, the fault it is plain must lie either with understanding in the will or in the understanding, or in both at once. Suppose this distinction will after the decision.
Insolvency is more or less culpable in the following Cases.
1. 1. Fraudulant ab initio. When at the time of contracting the Obligation, the debtor,
knowing himself to have no probable chance of being able to discharge
it; but yet, intending to pay, discharge it if by any improbable accident
it should ever thereafter come to be in his power, represented himself to
the Creditor as having a probable chance: and that upon such and such
grounds, at the same time knowing them to be false. In this case the debt may
be said to have been contracted fraudulently, and the Insolvency
fraudulents ab initio.(a) In this case we see , it was his Will which was in fault.
2.
Note
(a) "Where from the beginning he never intended to pay in any event it is not fraudulent.
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Identifier: | JB/071/189/001"JB/" can not be assigned to a declared number type with value 71. |
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071 |
penal code |
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189 |
of culpable insolvency |
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001 |
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copy/fair copy sheet |
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[[watermarks::myears [lion with crown motif]]] |
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caroline fox |
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23592 |
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