Page:Federal Reporter, 1st Series, Volume 5.djvu/717

IN BB HYNDMAN. T05 �In re Htndman, Bankrapt. {Distria OouH,W. B. Tennessee. ,1880.) �1. Baukrcptct— DiscHAKGE— Peihcipal Debtor— Act Jvsk 22, 1874, �§ 9. �Although the bankrupt may be liable to the creditor as principal dsbtor, if between him and his co-obligors he is in fact only a surety, the debt will not be reclconed against him in detennining the ques- tion of his dischàrge. �2. Samb Stjbject— Cash m Jotigment. �The bankrupt having purchased the interest of a retiring partnec, agreed, with him and the other partners, that, in part consideration of the purchase money, he ■would pay one-third of a certain partner- ship debt due by the old flrm, but when he came to substitute'p' uew not* he signed jointly with the old partners for the vhole debt, not thp firm name, but their individual names. HM, that only one-third of the de,bt would be estimated against him as a debt on which he was a principal debtor, in determining the question of his discharge. 8. BKta SuBJECT— Thiett Per Centum— How AscBBTAnran — Valu» OF AssBTS — Date op Estimate— Deductions. �The act does not mean that the creditera shall be paid 30 per centum of theii claims to entitle the bankrupt to his dischàrge; but only that the assets shall be equal in value, at the date of adjudication, to that amount. Neither thecosts of the bankruptcy proceedings, nor the cosls of foreclosure suits, instituted by the assignee to coUect assets, nor any expenses of the administration incurred by the assignee, -will be deducted from the gross Value of the assets in determining the question of discharge. 4. Same StTBJBOT— Sbcubed Claimb— Intbeest — How Calculated. �Although secured creditors may collect from the assignee interest on their claims accruing after adjudication, such interest will not be estimated in determining the relative amount of debts and value of assets, on the question of discharge, but the claims will be reck- oned with interest only to the date of adjudication. fi. Samb Subject— Case in Judgmbnt. �AVhere a bankrupt's gross assets would amount to 30 per centum of the debts proved against him, if interest on ail claims, secured and unsecured, be stopped at the date of adjudication, and no costs of the bankruptcy proceedings or expenses of administration incurred by the assignee be ■ deducted from the assets, hdd, that he was entitled to his discharge, although the net proceeds were trot bUffl- cient. �In Bankruptcy. �It appeared by the agreed statement of facts and the reg- ister's certificate that the creditors objected to the discharge v.5,no.S — 45 ����