Clarke v. Second National Bank
Massachusetts Supreme Judicial Court
Contract, brought by the assignees in insolvency of tire Warwick Cycle Manufacturing Company, to recover the sum of $10,000 and interest thereon, alleged to have been paid to the Second National Bank of Springfield as an unlawful preference. The case was tried before Aiken, J., without a jury.
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Contract, brought by the assignees in insolvency of tire Warwick Cycle Manufacturing Company, to recover the sum of $10,000 and interest thereon, alleged to have been paid to the Second National Bank of Springfield as an unlawful preference. The case was tried before Aiken, J., without a jury. The payment of $10,000 was made by the insolvent company on November 13, 1897, upon its note for $13,000 held by the defendant bank, and due by its terms on January 27, 1898. This note was indorsed by George A. Russell and Alpha O. Very. Russell was president of the insolvent company and Very its…
1Opinion of the CourtHolmes, C. J.
This is an action brought by the assignees in insolvency of the Warwick Cycle Manufacturing Company to recover $10,000 paid by the company to the defendant on November 13,1897, as an unlawful preference. The facts are in controversy but the following statement is warranted by the evidence.
In November, 1897, the company’s assets were not enough to pay its debts. The annual meeting of the company was on the 6th. Before that date Very, the treasurér, had changed valuations in the statement of assets and had included worthless accounts so as to make the company appear solvent at the meeting, but…
2Cases cited11 opinions
- Cook v. TullisSupreme Court of the United States · 1874
- Stewart v. PlattSupreme Court of the United States · 1879
- Sawyer v. TurpinSupreme Court of the United States · 1875
- Forbes v. HoweMassachusetts Supreme Judicial Court · 1869
- Collins v. Inhabitants of GreenfieldMassachusetts Supreme Judicial Court · 1898
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