ds, the audit of his accounts and the control exercised
by the Board of Trade apply in the same manner as they would under an
adjudication. Further, the provisions relating to the administration of
property, proof of debts, dividends, &c., will also apply, so far as the
nature of the case and the terms of the arrangement admit.

_Property divisible among the Creditors._

No part of the law of bankruptcy is more intricate, or has been the subject
of more litigation than this, and any detailed view of the effect of legal
decisions can only be gathered by a perusal of the cases; but the following
general principles may be stated:--The term "property" includes not only
property of which the bankrupt is the true owner, but property in his
possession, order or disposition in his trade or business with the consent
of the true owner, in such circumstances that he is the reputed owner
thereof. The application of the doctrine of reputed ownership has been
considerably restricted in recent years by the growth of alleged trade
customs, in accordance with which property is frequently lent under a
contract of "hire and purchase" or otherwise; and by the decisions of the
courts that where such custom is sufficiently proved the doctrine does not
apply. Further, the trustee's title not only includes property in the
actual possession of the bankrupt, but relates back to the date of the
first act of bankruptcy committed by him within the three months preceding
the presentation of the bankruptcy petition, and thus invalidates all
payments and assignments to creditors made during that period with
knowledge on the part of the creditor or assignee of the commission of the
act of bankruptcy. In such cases the trustee may, therefore, require the
money or property to be restored to the estate. And even where no prior act
of bankruptcy is proved, any payment made to a creditor with the view of
giving such creditor a preference over the other creditors, within the
three months preceding the presentation of the petition on which the payer
is made bankrupt, is rendered void as against his trustee. Settlements of
property within the two years preceding the bankruptcy, unless made before
and in consideration of marriage, or made in good faith for valuable
consideration, are also void, as are similar settlements within ten years,
unless it is proved that the settlor was (independently of the settled
property) solvent at the date of the settlement, and t