The National Bankruptcy Register; Containing Reports of the Leading Cases and Principal Rulings in Bankruptcy of the District Judges of the United States Volume 8

The National Bankruptcy Register; Containing Reports of the Leading Cases and Principal Rulings in Bankruptcy of the District Judges of the United States Volume 8

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This historic book may have numerous typos and missing text. Purchasers can usually download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1873 edition. Excerpt: ...district court to retain as a fund of the bankrupt and subject to its disposition the bonds which were deposited for the security of Dwight; that the proceedings should have been entirely dismissed, or should have been retained; and the question made was whether the district court erred in the order dismissing the proceedings in the manner stated. DRUMMOND, J.--It is to be observed that there was no property in possession of the bankrupt court. Assignees had been appointed, but they were nominal and were the same persons that were receivers under the order of the state court, and that of the circuit court of the United States; and all the property of the bankrupt was held by the receivers-of the road, managed by them, and, of course, subject to all valid liens subsisting against the company; and if the property had been ultimately controlled by the bankrupt court, it, of course, would have been disposed of in such a way as to marshal the different claims and liens existing against the road, and they must have been paid according to their priority, the bondholders confessedly holding the first lien. von. vm. 20. It was to avoid the sacrifice of so much property, which it was thought would be necessarily incurred, if it remained in the bankrupt court, that the stockholders made the arrangement which has been referred to, and which was assented to by all the creditors except only Charles Dwight and the Whitewater Valley R. R. Co., and the question is, whether with such an immense property, with so many and various liens and incumbrances upon it, and such a great preponderance, both in numbers and amounts, of those holding these liens, desiring the withdrawal of the case from the bankrupt court, it should be prevented by the opposition of the...show more

Product details

  • Paperback | 208 pages
  • 189 x 246 x 11mm | 381g
  • Rarebooksclub.com
  • United States
  • English
  • black & white illustrations
  • 1236964330
  • 9781236964335