William R. Day

“ To undertake to bring within this definition of a preference, requiring a plenary action for its recovery, the protection given a bankrupt's estate because of a transfer of property or money to an attorney or counselor for services to be rendered in contemplation of filling a petition in bankruptcy, is to add to the clearly-defined preferences contemplated by the act, and is to include entirely different transactions, not embraced in the statutory definition of a preference as Congress has defined that term. ”

“ A transaction by which the debtor parts with something now, in return for something he acquires or is to acquire in the future, is not within the mischief the act was aimed against. Section 60 therefore expressly recognizes this class of transactions; but, as it is capable of abuse, provides for a re-examination and reduction, if necessary, to a reasonable amount by the court on petition of the trustee or a creditor.'
The same statute was before the court of appeals for the sixth circuit in the case of Pratt v. Bothe, 65 C. C. A. 48, 130 Fed. ”

“ The bankrupt act itself leaves no doubt as to what is a preference which can be sued for in another jurisdiction, for the section (60a) provides:
'A person shall be deemed to have given a preference if, being insolvent, he has, within four months before the filing of the petition, or after the filing of the petition, and before the adjudication, procured or suffered a judgment to be entered against himself in favor of any person, or made a transfer of any of his property ”