BANKRUPT, a trader, whom misfor tune or extravagance has induced to com mit an act of bankruptcy. The benefit of the bankrupt laws is allowed to none but actual traders, or such as buy and sell, and gain a livelihood by so doing.
Requisites to constitute a trading, the merchandising, or buying and selling, must be of that kind, whereby the party gains a credit upon the profits of an un certain capital stock. Manufacturers, or persons purchasing goods or raw materi als to sell again, under other forms, or meliorated by labour ; as bakers, brew ers, butchers, shoemakers, smiths, tan ners, tailors, &c. are also within the sta tutes.
The following description of persons are not within the statutes of viz. proprietors or persons having an in terest in land, if buying and selling, to whatever extent, for the purposes of dis posing merely of the produce and profits of such land; graziers and drovers ; own ers of coalmines, working and selling the coals ; owners or farmers of alum rocks ; farmers who make cheese for sale ; or those who sell cider made from apples of their own orchard.
In all such cases, and others of a simi lar nature, where the several materials are purchased, and even some kind of manu facture exercised ; yet, as this is the ne. cessary and customary mode of receiving the benefit arising from the land, such persons are not held to be traders within the statutes; nor are persons buying and selling bank stock or government securi ties. Buying or selling, only will neither singly constitute trading ; neither will a single act of buying and selling, or draw ing, or redrawing bills of exchange, merely for the purpose of raising money for private occasions, and not with a view to gain a profit upon the exchange. Be ing a part-owner in a ship, barge, or wag gon, does not constitute a trader ; nor holding a share or interest in a joint stock with others who trade, unless he share in the profit and loss upon the disposition of the capital. The merchandise must also be general, and not in a qualified manner only, as victuallers orinnkeepers ; school masters ; commissioners of the navy, who victual the fleet by private contract ; the king's butler, steward, or other officers ; officers of excise or custom ; sutlers of the armies; butlers ; stewards of inns of court; clergymen ; kc. as acting in such
capacities merely, are not liable to be made bankrupts ; the buying and selling in such cases not being general, but in the exercise of particular employments. Neither, upon the same principle, are receivers of the king's taxes, or persons discounting exchequer bills. If the par ties above enumerated, however, bring themselves within the bankrupt laws in any other respect, they will be liable to their operation, although they should evidently not profit by trading, or such trailing should be illegal ; although the trading should not be wholly carried on in England, buying only in England, and selling beyond sea. Any person, native, denizen, or alien, residing in any part of the British dominions, or in foreign coun tries, though never a resident trader in England, yet, if he be a trader, and on coming to England commit an act of bankruptcy, he will be subject to the bankrupt laws.
No one can be a bankrupt, on account of any debt which he is not compellable by law to discharge, as infants or married women. And if a single woman be a trader, and committing any act of bank ruptcy, afterwards marry, a commission issued against her after such marriage cannot be supported. But, according to the custom of London, where a married woman is sole trader, she is held liable to a commission of bankruptcy, like a feme sole.
Acts of bankruptcy. Departing the realm. This must be clone with intent to defraud or delay creditors ; when it ap pears that there was no such intention, it will not be a departure within the mean ing of the statutes.
Departing from the dwelling-house. Such departure must also be with intent to defraud and delay creditors; for the departure with an intent to delay has been held without an actual delay of some creditors.