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PER CURIAM.

Decree affirmed, for the reasons given in the court of chancery.

For affirmance-ABBETT, DEPUE, Dixon, GARRISON, LIPPINCOTT, REED, VAN SYCKEL, BOGERT, SMITH—9.

For reversalNone.

INDEX.

PAGE. ACCOUNTING–1. A written agreement was made between bankers,

as promoters, and a number of manufacturers of paper goods, as vendors, for the organization of a corporation, to which the properties of the vendors should be conveyed, fixing the rights of all the parties. A secret agreement was subsequently made by the promoters with a part of the vendors, which gave the latter an advantage and profit over the other vendors.Held, that a bill for an accounting of such profits by one of the vendors, a party to the first agreement only, was not subject to demurrer for multifariousness for making all the vendors with whom the secret agreement was made, parties together with the corporation and the promoters. SHUTTS v. UNITED Box, BOARD AND PAPER Co., 225

2. — To justify a bill in equity for an accounting, the issues must be so numerous, so distinct, and the evidence to sustain them so variant, technical and voluminous, that a jury is incompetent to deal intelligently with them and come to a just conclusion. DE BEVOISE v. H. & W. Co........

......... 472

3. — A court of equity will not decree specific performance nor

order an accounting which will serve only to aid the complain-
ants to secure the proceeds of Sunday racing, an unlawful busi-
ness, prohibited by law. ILLINGWORTH v. BLOEMECKE........ 483

4. — H. was the physician, confidential friend and adviser of

W., from whom he received $15,000, to be held in trust for her benefit. He used some of the money to pay bills for her ; some he appropriated to his own use, and some he invested in a farm, and in machinery, stock and implements for operating it, taking title to the farm in the name of W. H. conducted the farm as if it were his own, operating it at a loss. W. also mortgaged the farm for $2,200, H. receiving the proceeds. Finally W. took possession of the farm and sold the stock, implements and machinery, and seeks an accounting from H.--Held, that H. is chargeable with the original $15,000, with interest, and the $2,200 raised on mortgage, with interest, but not with the income from the farm; and that he is entitled to credit for the cost of the farm and permanent improvements as of the time W. took possession, and for the moneys realized from the sale of the stock, machinery and implements, and also for all moneys paid to W. or for her use, not including any expenses of operating the farm. WIETERS V. HART.................................. 507

ACCOUNTING-Continued.

PAGE. 5. — Testator had standing to his credit on the books of a cor

poration a large sum as accumulations of surplus income, which
was increased by dividends after his death. By his will be
directed the payment of legacies and annuities, which, if paid,
would necessitate the use of the fund. The executors used part
of the fund to pay the annuities without having fully paid the
legacies, the fund used having been made by the will subject to
the payment of the annuities if the other income from the estate
was not sufficient, which appeared.--Ield, that the payment of
the annuities was not an improper use of the fund which ren-
dered the executors as accountants personally liable therefor,
the annuitants and legatees being, with one exception, the same
persons. IN RE WOOLSEY....
See EXECUTORS AND ADMINISTRATORS, 244; PARTNERSHIP, 1, 2.

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ADULTERY-See DIVORCE, 11.

AFFIDAVITS-See DISCOVERY, 2.

ALIMONY-1. Alimony is only allowed when the husband has been

guilty of a matrimonial offence, and impotence is not such an
offence. G. 1'. G..........................................

30

2. — A wife divorced a mensa ct thoro is still under the obliga

tion of chastity, and alimony is conditional on her performance
of that obligation. Id...........

...........

30

3. — A wife is not bound to return to the home of her husband

where he is living in open adultery with another woman. FRED
1. FRED.......

.......... 195

4. —- In the absence of proof that under the laws of a sister state

alimony can be given in a gross sum, the courts of this state may
apply the law prevailing here in interpreting a decree of a court
of such sister state, which simply allows a certain sum for
alimony, and hold that such sum is an installment on account of
alimony, and that the decree does not adjudge the future rights
of the parties. Id........................................ 495
See DIVORCE.

AXSUITIES-See ACCOUNTING, J.

ANSWER--1. If a defendant submits to answer he must answer

fuly, and not only as to his knowledge of each fact charged ; he must answer if he have no knowledge, as to his information and belief regarding it. THOMPSON 1. MORTII................... 278

2. —- An unqualified admission on information and belief will

dispense with proof of the fact alleged. Id................... 278

3. — A defendant is not, in answering, required to obtain infor

mation, not in his own or his agent's possession. Id.......... 278

PAGE.

APPEAL--See Wills, 7.

ASSIGNMENT-See TRADE SECRETS.

ASSIGNMENT FOR CREDITORS-Scc CHATTEI. MORTGAGES, 1,

3; INSOLVENT CORPORATIONS, 13.

ASSIGNMENT OF MORTGAGE–The record of an assignment of

a mortgage is constructive notice of its existence and contents to
one who takes a subsequent mortgage on the premises, and also
that the assignor has no authority to procure the cancellation of
the assigned mortgage. HIGGINS 1. JAMESBURG MUTUAL B.
AND L. ASSOCIATION...................................... 523

ASSOCIATIONS—"An act for winding up voluntary associations

and associations with partnership liabilities" (P. L. of 1899 p. 48.5) does not clothe the chancellor with power to enforce the payment of debts contracted by such associations, by an assessment against the members thereof, in a case where by a previous proceeding in chancery the business in the course of which such debts were contracted had been wound up and the property and assets of such association got in and distributed. HENRY 1. SIMANTON ......... ..................

........... 606

B
BANKRUPTCY--1. A company was indebted in the sum of $81,200.

It owned a brick-producing plant appraised at $100,000, and was
capable of earning on the amount at which it was capitalized
($185,000) a fair profit. The plant had cost over $200,000, and
could not be replaced for $250,000. The company had on hand
a quantity of unburned bricks, later sold for $15,000. It also
owned village lots worth $25,000. On its failure to pay a cred-
itor it executed a mortgage to secure him. This creditor, before
becoming such, investigated the affairs of the company and be-
lieved that the company was solvent. About a month after the
execution of the mortgage the company was adjudged a bank-
rupt, and the trustees could secure only $75,000 for the property.
-Held, that the company, at the time of executing the mortgage,
was not insolvent, within Bankrupt act of July 1st, 18998, chap-
ter 541, section 1, paragraph 15 (l'. S. Comp. Stat. 1901 p.
3.419), providing that a person shall be deemed insolvent when
the aggregate of his property shall not, at a fair valuation, be
sufficient to pay his debts. EMPIRE STATE TRUST ('0. 1. FISHER
Co. ........

....

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2. — A solvent debtor giving a mortgage to secure a creditor

does not give a preference, within Bankrupt act of July 1st,
1898, chapter 511, section 60 (30 Stat. p. 562; ('. S. ('omp.
Stat. 1901 p. 37.95). specifying when a person, son being in-
solvent," shall be deemed to give a preference. Id............

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BANKRUPTCY--Continued.

PAGE.
3. The taking of security by a creditor for money presently

or previously loaned is not evidence that the creditor believes
that the debtor is insolvent. Id..........

.......... 88

4. — The words "for a present consideration," in Bankrupt act

of July 1st, 1898, chapter 541, section 67 (30 Stat. p. 564; U. S.
Comp. Stat. 1901 p. 3449), providing that liens given or accepted
in good faith, and not in contemplation of or in fraud on the
act, "and for a present consideration,” shall not be affected by
the act, do not render invalid a mortgage to secure a pre-existing
debt. Id......................................

.............

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5. — Under clause e in section 70 of the Federal Bankrupt act,

trustees in bankruptcy may avoid a mortgage made by a New
Jersey corporation which the creditors of the corporation might
avoid under section 64 of the New Jersey Corporation act. P. L.
of 1896 p. 277. EMPIRE STATE TRUST Co. v. TRUSTEES OF
FISHER & Co.......

........ 602

6. — Under Section 64 of the New Jersey Corporation act, in-

solvency denotes a general inability to meet pecuniary liabilities
as they mature, by means of either available assets or an honest
use of credit. Id....

....... 602

7. — A mortgage given merely to secure antecedent debts is not

given "for value," within the meaning of clause e in section 70
of the Federal Bankrupt act, or for "a valuable consideration,"
within the meaning of section 64 of the New Jersey Corporation
act. Id......

................ 602
See LANDLORD AND TENANT, 5, 6; MECHANICS' LIENS, 9.

BILLS AND NOTES-1. After the loss of three cashier's checks

the bank offered to pay the amount due thereon, which was not
disputed, on being indemnified against having to pay the original
checks. The payee afterward began a suit at law on the checks
without tendering indemnity.Held, that equity has jurisdiction
to restrain such suit and to adjust the rights of the parties.
CLINTOX NATIONAL BANK v. STIGER....

......... 322

2. — Quære. Has a court of law jurisdiction over a suit on a
lost check? Id.......

... 522
See INSOLVENT CORPORATIONS, 4, 5.

BONA FIDE PURCHASERS-A purchaser purchased at a sale

under a mortgage foreclosure decree unimpeachable except as to
the amount due the mortgagee. No notice was given at the sale
of an appeal from an order denying an application for the cor-
rection of the amount adjudged to be due, and the only notice
the purchaser had of such an appeal was such as might be im-
puted to him by the filing of the notice of appeal in the clerk's

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