United States Courts of Appeals Reports; Cases Adjudged in the United States Circuit Court of Appeals Volume 31

United States Courts of Appeals Reports; Cases Adjudged in the United States Circuit Court of Appeals Volume 31

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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. 1896 edition. Excerpt: ...did not obligate itself to pay either the principal or interest of said bonds, the lien of the income bonds of the grantor company was to continue. In an action brought by certain unsecured creditors of the grantor company'for relief on the ground that the sale was in fraud of their rights, the answer, in which both the grantor and grantee companies joined, alleged that the payment of the income bonds of the grant/or company was a part of the consideration for the sale, but as to this no evidence was offered. The evidence in the case showed that the grantee company knew that it was dealing with an insolvent corporation, and was obtaining from it all its assets of every kind and character; that although all parties regarded the grantor company's income bonds as very inadequately secured, yet stockholders Syllabus. were to participate in the distribution of the purchase price; and that the banking company, for some unexplained reason, was to become the owner of the grantor company's stock and income bonds to be exchanged for its bonds. There was no affirmative evidence as to the knowledge or want of knowledge of the grantee company of the existence of creditors of the grantor company other than its mortgage creditors. Held, (1) That if the banking company bought the stock and income bonds of the grantor company and paid out therefor its own bonds the consideration was good; but (2) that in the light of the evidence in the case it appeared that the interest and right of redemption which the grantor company had in its entire corporate assets were to be transferred for $400,000 of the guaranteed bonds of the grantee company; (3) that these bonds wereacorporatc asset of the grantor company, and should have been held by its ofiiceis...
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Product details

  • Paperback | 338 pages
  • 189 x 246 x 18mm | 603g
  • United States
  • English
  • black & white illustrations
  • 1236798589
  • 9781236798589