Page:Federal Reporter, 1st Series, Volume 9.djvu/510

IN BB SHAW. 495 �it in the only way it could become beneficiai to the estate.^by a suit to set aside the judgment and obtain the money, — aud the time for doing 80 has long sinee passed. �I cannot perceive anything possibly usef ul to the bankrupt's estate in continuing the injunction longer, and it ought, therefore, to be c^is: solved, By the operation of the statute of limitations the question of the validity of the judgment has long since passed beyond the scope of proceedings in bankruptcy ; and the special interest of the two subsequent judgment creditors, in contesting the judgment, can- not be here considered, as it does not concern the general creditora. �The motion should be granted. ���In re Shaw and another, Bankrupts, �IDietriet Court, S, D. Nm York. October 18, 1881.) �1. ExBCUTBD Composition — Attbmpt to Bbt Asidk — Sale bt thb , Bankrupt �OF His Stock— Inadequacy of Conbideratioii. �In a proceeding to set aside a composition in bankruptcy after it has been fully executed, a sale of the bankrupt's stock and flxtures, made prior to the adjudication in bankruptcy, will not be disturbed on the ground of iiiadequacy of priee in a doubtf ul case, nor upon other grounds known to the creditors, accepting the composition, although it might probably have been avoided by an assignee in bankruptcy. �2. Samb— Samb. �A crediter, who, with full knowledge of the schedule estimates, voted for the: composition and received payment under it, is precluded from seeking to set aside the composition for mere inadequacy, or because it ultimately turns out that a larger amount might have been oSered and paid, where the schedules show with substantial correctness the situation of the estate. �3. Same— Absbts — BANKROTT'a RiGHTB WITH RbspBct Thebbto. �A bankrupt from whom a composition is received is necessarily at liberty to deal with his assets as he chooses. The creditors have no concern in the mat- ter if their composition be paid and no fraud pfacticed. He may pledge or sell his stock to one or more of his creditors to raise money to pay the compo- sition, where there is no concealment practiced, or unfairness to others. �In Bankruptcy. - �This was a petition flled in this court on the twenty-sixth day of June, 1877, by Frederick M. Peyser, to vacate and set aside a composition inade by the above-named bankrupts with their creditors, conflrmed by an order of this court on the flrst day of December, 1875, and to vacate and set aside the dis- charge of said bankrupts from their debts. The bankrupts were a flrm engaged in the manufacture of blank books in the eity of New York. On or about the seventh day of August, 1875, being unable to meet the payment of all their debts, they sold all their stock and flxtures to their clerk, Randolph ��� �