97 Wis. 16 | Wis. | 1897
The following opinion was filed May 21, 1897:
It is difficult to see why the Michigan judgment is not a perfect bar to the maintenance of this action, so far as the chattel mortgages are concerned. The mortgages covered personal property within the jurisdiction of that court. ’ They were executed and filed prior to the execution of the assignment. They were valid by the laws of the state of Michigan when executed, and their validity has
We are -relieved, however, from consideration of these questions by the finding of fact to the effect that the evidence does not show that the transfers to the bank were made by Hoxie & Mellor in contemplation of the making of an assignment or of insolvency. We cannot say that the finding is against the weight of the evidence, consequently it must stand; and so long as it stands it is a complete bar to the maintenance of this action. The mortgages and assignment are not attacked as having been made with intent to defraud creditors, but simply as being within the terms of sec. 1693», S. & B. Ann. Stats. In order to come within the prohibition of that section, they must have been made (1) by an insolvent debtor, (2) within sixty days prior to the making of the assignment, (3) in contemplation of such assignment or of insolvency, (4) to a creditor who knew, or had reasonable cause to believe, the debtor insolvent. All of these conditions must concur, in order to make a transfer void under this section.
We are quite well satisfied that “contemplation of insolvency,” in this section, means contemplation by the debtor of the institution of insolvency proceedings under ch. 179, R. S., and
By the Court.— Judgment afiirmed.
A motion for a rehearing was denied September 28,1897.