56. What must the petition allege?

57. What is "adjudication" in bankruptcy?

58. When is the first meeting of creditors held? Its purpose? Business done thereat?

59. How, when and by whom is the trustee elected?

60. State in a general way the duty of a trustee with respect to administration of estate.

Chapter Six

61. A files a petition in bankruptcy on Aug. 15. Thereafter and prior to the time he is adjudicated a bankrupt, his father dies leaving him a large legacy. Is the trustee when elected entitled to this fund for the benefit of the creditors?

62. A's father dies leaving him certain real estate subject to a life interest in the property of A's sister. A thereafter files a petition in bankruptcy. Does this real estate pass to the trustee?

63. A sells property on installments of $100 a month. While $5,000 is still owing A, to be paid in the following 50 months, A goes into bankruptcy. Does the trustee get title to A's interest in the payments ?

64. Who has title to a bankrupt's property between the date of filing the petition and the election of the trustee?

65. Suppose all creditors of A are general creditors. A borrows money from B and gives as security a chattel mortgage on certain of A's property. Under the local law, B's rights in this chattel mortgage are superior to those of other general creditors provided B takes possession or records the mortgage prior to any lien being obtained by the other creditors. B, however, does neither, in this state of affairs A goes in bankruptcy. B contends that he has a valid lien even though he did not record or take possession, as the trustee represents only general creditors. How should the court decide?

66. A has a membership in a stock exchange not transferable except with consent of a majority of the other members. It is worth $5,000 if a transfer is made. A goes into bankruptcy. Does this membership pass to the trustee?

67. Do patents pass to trustee? Coyprights? Trademarks?

68. A goes into bankruptcy. He has an insurance policy on his life the cash value of which is $5,000. A's wife is beneficiary under the policy. Does it pass to the trustee? How can a debtor prevent a trustee from getting title to insurance policies?

69. A holds property in trust and goes into bankruptcy. Does the trustee in bankruptcy get title to the trust property?

70. A collects a fund for B and then goes into bankruptcy. The fund was paid by A into his general bank account, which was never lower than B's fund. Can B claim the entire fund?

71. A stock broker buys stock in M Co. on B's account and with B's funds. B orders them resold by the broker when prices reaching a certain point. Before selling for B, A goes into bankruptcy. Certificates of stock in the M Co. are in his possession but not the identical ones bought for B. If there are no other claimants for these particular certificates, can B reclaim them, or are they assets of the estate?

72. In case an insolvent person prefers one creditor over another, can the trustee set aside such preference? Provided what?

73. A borrows money from B. Afterwards desiring to borrow more, A requires a mortgage to cover the entire indebtedness. This second loan and the mortgage are made within the four months immediately preceding the time A's creditors file a petition in bankruptcy. Under what circumstances will the entire security stand? Under what will part be divided and which part?

74. Is the setting aside of fraudulent conveyances by the trustee confined to those conveyances made within four months prior to the proceedings in bankruptcy?

75. If the bankrupt has in his possession property belonging to another when the petition is filed, are the real owners entitled to claim the same or does it become a part of the estate?

76. A manufacturer of automobiles appoints B his agent to sell same and sends B a quantity of cars. B goes into bankruptcy. Can A reclaim the cars or is he a general creditor?

77. If the bankrupt has property which has been sold to him under conditional sale, that is, with reservation of title in the vendor until the purchaser pays the entire purchase price, can such conditional vendor reclaim the property from the trustee?

78. What is the rule as to rights of holder of mortgage on debtor's personal property when debtor goes into bankruptcy?

79. Can the trustee claim title to property of the bankrupt In possession of another?

80. B was driving a truck containing goods for use in his business. M negligently drove his truck against B's truck and damaged B's truck, ruined the contents and injured B. B shortly afterwards goes into bankruptcy. Has B's trustee a right to enforce B's claims against M for benefit of creditors?

81. Suppose B, a debtor, owns property which is of no value to the trustee. Does he take title thereto?

82. A obtains a judgment against B. Under the statute of the state, a judgment creditor has a lien upon his debtor's property. This lien gives A an advantage over C, D, E, and F, general creditors of B. B commits an act of bankruptcy within four months after this judgment and still within said four months a petition is filed against him. Is the title of the trustee to B's property subject to this lien?

83. In the above case suppose the judgment lien is more than four months old. Is the trustee's title subject thereto?

84. B, who is insolvent, borrows money and gives a chattel mortgage on his automobile to secure the loan. This chattel mortgage is duly recorded as required by law. The lender knows when he makes the loan that B is insolvent. Will his lien stand against the title of the trustee in bankruptcy?

85. Is a "mechanic's lien" acquired at any time dissolved by bankruptcy proceedings ? Why ?

Chapter Seven

86. Is a claim not due when the petition is filed provable in bankruptcy ?

87. After B files a petition in bankruptcy, and while the proceedings are in progress he borrows from A. Is A's claim provable in the case?