What is CONTEMPLATION OF BANKRUPTCY?

Contemplation of the breaking up of one’s business or an inability to continue it; knowledge of, and action with reference to, a condition of bankruptcy or ascertained insolvency, coupled with an intention to commit what the law declares to be an “act of bankruptcy,” or to make provision against the consequences of insolvency, or to defeat the general distribution of assets which would take place under a proceeding in bankruptcy. Jones v. Ilowland. 8 Mete. (Mass.) 384. 41 Am. Dec. 525; Paulding v. Steel Co., 94 N. Y. 339; In re Duff (D. C.) 4 Fed. 519; Morgan v. Brundrett, 5 Barn. & Aid. 289; Win- sor v. Kendall, 30 Fed. Cas. 322; Buckingham v. McLean. 13 How. 167. 14 L. Ed. 90: In re Carmicliael (D. C.) 96 Fed. 594

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