Treatise on the Law: Bankruptcy and Insolvency (Classic Reprint)
(Excerpt from Treatise on the Law: Bankruptcy and Insolven...)
Excerpt from Treatise on the Law: Bankruptcy and Insolvency
Bankruptcy and insolvency, though depending wholly on the statutory law, and liable to be at any time not only changed and modified, but entirely abro gated, by a simple alteration or repeal of the legislation which created them, are, notwithstanding, important topics of permanent jurisprudence, and furnish abund ant material for an elementary treatise or text-book. While, in the legislation of England and America, a series of acts is found upon these subjects, with great diversity of detailed provisions, and a large proportion of them now obsolete; yet through the whole there runs an unbroken thread of policy and purpose, which renders the system, however often changed by positive enactment, virtually one, and perpetuates the authority of judicial decisions, even when nominally predicated upon particular statutes which have long ceased to exist. It is indeed within the limits of possibility, as has been already suggested, that the whole system.
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