REPUTED OWNERSHIP is a phrase used in the English bankruptcy law to denote that the bankrupt at the time of his bankruptcy was apparently the owner of goods in his possession. The general rule is, that whatever belonged to the bankrupt at that date goes to his assignees in bankruptcy, for the purposes of sale, and distribution of the pro ceeds among his creditors. But as a trader often has the goods of others in his posses sion with their consent, and thus has the appearance of a greater capital or stock than he possesses, and thereby obtains greater credit than lie would otherwise do, it is pro: vided by the bankrupt act that if the bankrupt at the date of his bankruptcy shall, with the consent of the true owner, have in his possession, order, or disposition any goods or chattels whereof be was the reputed owner, or whereof he had taken upon him the sale, alteration, or disposition as owner, the bankruptcy court shall have power to order the same to be sold and disposed of for the benefit of the creditors under the bankruptcy.
The object of this is to prevent deceit by a trader from the apparent possession of prop erty to which he is not entitled; as it makes the real owners of goods who intrust them to a trader, careful, that they run the risk of the goods being seized for the general ben efit of the creditors. Where, however, the articles in possession of the bankrupt are of
that peculiar description that they are naturally calculated to excite an inquiry on the part of creditors as to whose they are, it is otherwise. Thus, pictures deposited with a bankrupt to take charge of, as they do not :..ad to any erroneous belief on the part of persons dealing with him, so they do not fall to be sold and divided as part of his assets. A similar doctrine exists in Scotland by the common law, and is therefore applied to other cases than bankruptcy. By the mercantile amendment act, 19 and 20 Via. c. s. 1, in order to assimilate the law to that of England, it was declared that goods sold, but not delivered, shall not be attachable by the creditors of the seller, to the effect of pre venting the purchaser or others from delivery of the same, and the right of the purchaser to demand delivery of such goods enforcing and after the date of the sale, shall be attachable by the creditors of the purchaser.
REQUE'liA, a t. of Spain, in the modern province of Cuenca, and about 80 m. s.e. of the town of that name. It contains an industrious population, amounting to 10,500, who are employed in the manufacture of woolen, cotton, and silk fabrics.