Such policies are generally called 'endowment policies,' and usually provide that the insured shall pay a certain premium annually for a stated period of years. If the insured dies before the end of the endowment period, the beneficiary receives the amount which is agreed to be paid in the policy; but if the insured survives the endowment period, he is entitled at its end to receive the amount written in the face of the policy, with any dividends that may be awarded under the authority of the directors of the company from the surplus receipts of the company." BANKRUPTCY. INTRODUCTION. Bankruptcy law is entirely statutory, no common law bankruptcy being recognized in this country. The respective powers of the Federal and State governments to pass bankruptcy laws have already been discussed.' The text of the existing Federal Bankruptcy Law is here inserted in full. 1 Vol. II, subject 3, section 4. 256 CHAPTER I. DEFINITIONS. AN ACT TO ESTABLISH A UNIFORM SYSTEM OF BANKRUPTCY THROUGHOUT THE UNITED STATES. Be it enacted by the Senate and House of Representatives of the United States of America, in Congress assembled: SECTION 1. MEANING OF WORDS AND PHRASES.-a The words and phrases used in this Act and in proceedings pursuant hereto shall, unless the same be inconsistent with the context, be construed as follows: (1) "A person against whom a petition has been filed" shall include a person who has filed a voluntary petition; (2) "adjudication" shall mean the date of the entry of a decree that the defendant, in a bankruptcy proceeding, is a bankrupt, or if such decree is appealed from, then the date when such decree is finally confirmed; (3) "appellate courts" shall include the circuit courts of appeals of the United States, the supreme courts of the Territories, and the Supreme Court of the United States; (4) "bankrupt" shall include a person against whom an involuntary petition or an application to set a composition aside or to evoke a discharge has been filed, or who has filed a voluntary petition, or who has been adjudged a bankrupt; (5) "clerk" shall mean the clerk of a court of bankruptcy; Vol. IX.-17 (6) "corporations" shall mean all bodies having any of the powers and privileges of private corporations not possessed by individuals or partnerships, and shall include limited or other partnership associations organized under laws making the capital subscribed alone responsible for the debts of the association; (7) "court" shall mean the court of bankruptcy in which the proceedings are pending, and may include the referee; (8) "courts of bankruptcy" shall include the district courts of the United States and of the Territories, the supreme court of the District of Columbia, and the United States court of the Indian Territory, and of Alaska; (9) "creditor" shall include anyone who owns a demand or claim provable in bankruptcy, and may include his duly authorized agent, attorney, or proxy; (10) "date of bankruptcy," or "time of bankruptcy, or ❝commencement of proceedings," or "bankruptcy," with reference to time, shall mean the date when the petition was filed; (11) "debt" shall include any debt, demand, or claim provable in bankruptcy; (12) "discharge" shall mean the release of a bankrupt from all of his debts which are provable in bankruptcy, except such as are excepted by this Act; (13) "document" shall include any book, deed, or instrument in writing; (14) "holiday" shall include Christmas, the Fourth of July, the Twenty-second of February, and any day appointed by the President of the United States or the Congress of the United States as a holiday or as a day of public fasting or thanksgiving; (15) a person shall be deemed insolvent within |