value, and no evidence of their value was presented. The evidence of record, in consequence, does not establish that the assumption of the business debts by the new company was not a fair consideration.
The compliance with the Bulk Sales Act is quite beside the point of the action. The conveyance is challenged as a fraudulent conveyance, not as a transfer in disregard of the Bulk Sales Act. An arrant fraudulent conveyance can be carried out in full compliance with the Bulk Sales Act for the Act requires only that, in advance of consummating the sale, the seller supply the buyer with a detailed inventory at cost of the property and a complete list of creditors and that the buyer notify each listed and known creditor of the proposedBillings v. Russell, 1886, 101 N.Y. 226, 229-230, 4 N.E. 531.
The wife's payment of $2,500 into the new company for its stock and as a loan avail nothing. The wife invested in something, not in nothing, and it is the preexisting something in which she invested to the exclusion of the unprovided-for creditors that was lost to the creditors. The favored creditors' insistence on the payment emphasizes the exclusion of the disfavored creditors and underlines the existence of salvageable values in the business transferred to the new company.
Nor is the fact, if it be such, that the bankrupt and his wife both rendered service to the new company any answer to the significance of the reservation to them from the creditors of positions of profit in the new