Synnott

The petition for a rehearing in this case calls attention to the fact that, although the terms of the bonds in question were not printed in the transcript, the bonds were, under stipulation of the respective parties, forwarded to the clerk of this court, and are on file in his office.

[1] An inspection of them shows that they were issued under and by virtue of a resolution of the board of directors of the Tombstone Consolidated Mines Company, Limited, authorizing “the issuance and sale of a series of special contract bonds which shall not exceed, at par, the aggregate sum of three million dollars ($3,000,000),” each one of which recites upon its face that for value received the company — •

Indorsed upon the back of each bond, and expressly made a part thereof, are the following provisions;

[2] We are of the opinion that the court below was clearly right in its ruling that the instruments in question were not provable against the estate of the bankrupt corporation, for the reason that they created no fixed liability against it. The law is that a debt to be provable in bankruptcy must be a fixed liability absolutely owing at the time the *255 petition in bankruptcy is filed.…